projection for same is:
wave iii 8307-8181 =126
1.27 x 126 point + 8228=8388 already achieved
& next possibility is 1.618% of 126 + 8288 = 8431 )
(0.618 % of iii projection is 8305,above which its
is considered as an extended wave ,and on conclusion
of wave V of (C), a fall expected deeper if the case is true)
Also remember that, my assumption is that we are in an irregular ABC correction, if true
its (c) will definitely have the same behavior. Also the indicators are favoring this view.
please check yours self my friends. yesterday i gave a short notice in chat room, but i was busy, that time, i was telling not to SHORT nifty . please bear with me, some time i leave the thing at half as i am employed and need to follow my job.
my point is that, when a pattern get matures, it must show some kind of resistance, in price, or
in indicators. Now in daily time frame the MACD is moving upward in bearish zone, will have resistance at zero line.
I understand your point for a divergence in indicator, which is expected on top of market, but that is not the case here.
Also not telling this a top, as wave v , (which is not visible int daily time frame) can go further up and will show divergence in lower time frame, before it fall,
meanwhile we can see small correction. the support expected is 8316. and the reversal point is 8228.
Lot more there, but time doesn't permit. I remain.