NIFTY 50 is in correction i.e. ABC form as per wave analysis. As on it is in short recovery zone in the 4th wave of ABC wave which can reach upto 17800. That is the max pain from where it will reverse down to continue in the 5th wave of the 'C' wave in the larger degree.
The downside nifty can reach upto 15800-15900 to complete the last and final wave of the 'c' wave.
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@Neeraj03, yes correct. but we have to keep a watch on OI buildup
rajeshsankpal11
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@rajeshsankpal11, As per elliot rule if our wave count is correct the last wave i.e. tiny wave 5 should not cross 17923. If it breaches that then our wave count is wrong and we will have to do a fresh analysis. Thus 17900 -17920 would be the max.resistance at the upper side