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Nifty may have completed first cycle of wave V @ 15431 which was 1.618 Fib Retracement of the whole Down Move in Feb-Mar 2020.Generally Corrective waves retraces around 38.2-50% of the move.So I am expecting to retest 12400 which was earlier Nifty high.
This holds true till 15430 is not taken out otherwise it will be fifth wave extension and can go to 16400.
This holds true till 15430 is not taken out otherwise it will be fifth wave extension and can go to 16400.
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Or can we consider new bull market starts for 5 waves than considering extension of wave 5 . Pl comments.
It means we should be ready to sell all our stocks ,because wave II on larger time frame on yearly cycle would be fast & may correct up to 61% or more.
Pl do confirm . I am now worried.
Also if you can post a chart on yearly cycle chart. Thanks & regards
Yes if we start wave II ,we should retrace 38.2-61.8%.