Nifty can see a small recovery in price action around 8620 - 8700, as we can see the C or the 3rd wave has just completed, the next wave is either iv or X, either way if nifty goes up it should have a corrective :3 wave format.
If wave iv is to be in action the price will not go much high but it can take a lot of time, If it's an X, the movement can take price and time both.
If wave iv is to be in action the price will not go much high but it can take a lot of time, If it's an X, the movement can take price and time both.
Trade active:
Nifty is trading in the range given yesterday, I posted this before making the final low, so it made a low of 8551 and is trading over 8620 today, A few quick updated,
i) NIfty touching the level of 8662 will confirm this upmove is not a 4th wave but a b.
ii) Nifty should not cross the upper trend line in order to make a new low below 8500, which doesn't look like it will soon, Which means price shouldn't go beyond 8700, else I will have to recount.
i) NIfty touching the level of 8662 will confirm this upmove is not a 4th wave but a b.
ii) Nifty should not cross the upper trend line in order to make a new low below 8500, which doesn't look like it will soon, Which means price shouldn't go beyond 8700, else I will have to recount.
Trade closed: target reached:
As expected Nifty seems to have reversed from the given price range, i.e, 8620 - 8700, It seems new impulse has started downwards.
