Nifty 50 has completed long term targets of 18600 as per fibonacci ratio of 1.618 extension and has started to fall from the exact 1.618 levels. The wave started from the low of 2008. It completed a 50% retracement in 2020. And the extension of 1.618 is completed in OCT 2021
The fall we are seeing in NIFTY 50 is just a pullback as of now.NIFTY is not at all bearish unless and until it respects 52 EMA in weekly time frame,200 EMA in daily time frame. NIFTY will turn bullish only when it breaks 18600 on a weekly time frame and then it will head higher to 20000 levels.
DO SEE THE PICTURE BELOW: Turn bearish only when you see these kind of pattern breakdown.
I will be updating you guys if I feel NIFTY is turning bearish.
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also, imho, we may not see a strong move down like what we saw in the wave in the 1st quarter of 2020, it is most likely to be a correction/side ways towards 30%, 50%, 60% levels from the highs..
keshevdugar
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@NikhilMamu yeah true we might not see unless and until there is a very bad news for our economy like covid