Nifty wave analysis
Updated
Nifty is respecting the channel and current channel support comes around 16200-150
previous low 16203
whenever nifty doing a corrective move .. pull back is restricted to golden ratio 61.8 %
after wave x... nifty doing correction in the form of waves abcde
there is probability of two scenario:
scenario 1: (shown with white color code)
nifty completed the corrective wave started from 18350 to 16203 in the form of abcde (shown with white color code)
scenario 2 : (shown with orange color code)
nifty still in corrective mode... completed abc wave and wave d going on
As per scenario 2... for wave "e" : nifty will revisit the channel support or may make double bottom
scenario 2 looks more preferable ... as after hitting the low 16203... impulse move missing ..
Currently wave "d " going on... till now it seems time correction only on upside... max pullback to 50%--61.8% fib ratio
after that wave "e" down towards channel support
Caution : Bears should be cautious near channel support and demand zone 16200--16400
Bulls should be cautious near 50% --61.8% fib ration and supply zone 16850--17000
nifty is below 200 DMA and 200 DEMA
Plan your trade accordingly near support and resistance...
previous low 16203
whenever nifty doing a corrective move .. pull back is restricted to golden ratio 61.8 %
after wave x... nifty doing correction in the form of waves abcde
there is probability of two scenario:
scenario 1: (shown with white color code)
nifty completed the corrective wave started from 18350 to 16203 in the form of abcde (shown with white color code)
scenario 2 : (shown with orange color code)
nifty still in corrective mode... completed abc wave and wave d going on
As per scenario 2... for wave "e" : nifty will revisit the channel support or may make double bottom
scenario 2 looks more preferable ... as after hitting the low 16203... impulse move missing ..
Currently wave "d " going on... till now it seems time correction only on upside... max pullback to 50%--61.8% fib ratio
after that wave "e" down towards channel support
Caution : Bears should be cautious near channel support and demand zone 16200--16400
Bulls should be cautious near 50% --61.8% fib ration and supply zone 16850--17000
nifty is below 200 DMA and 200 DEMA
Plan your trade accordingly near support and resistance...
Note
nifty hit the channel support near 16155Note
NIFTY BOUNCED 200 POINTS FROM THE CHANNEL SUPPORT...
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