Nifty:8083 an x wave can form up to 9990
Nifty made a low of 7511 and reached to the trend line shown in the Last post, expecting the primary wave [4[ correction to include all the points with in the hypo 2-4 line. That was so simple assumption. it doesn't mean that the correction is over. Nifty will come down again & may end some where around 7000 after this current pull back and a side way correction yet to be completed.
Nifty pull back move is on and forming a zigzag,an impulse 'a' up to 9038 and 'b' corrected approx:62% abc to 8055,
now the c is yet to start soon with a strong impulse move hopefully.
On crossing above 9038 nifty can find 9454 and 9983
Be cautious at all these three level as the market is news driven
and a huge stumble can be expected anytime at any level.
The Horizontal line marked with weekly pivot values will also show some resistance .
Nifty pull back move is on and forming a zigzag,an impulse 'a' up to 9038 and 'b' corrected approx:62% abc to 8055,
now the c is yet to start soon with a strong impulse move hopefully.
On crossing above 9038 nifty can find 9454 and 9983
Be cautious at all these three level as the market is news driven
and a huge stumble can be expected anytime at any level.
The Horizontal line marked with weekly pivot values will also show some resistance .
Note
Tradingrock,True but cautiously.Every action in the market is subjective and one has to play accordingly.
why I am saying this, because the slogan "buy on dips" is mainly proposed for a bull market.
Here the situation is a pull back ,which can end up in few sessions, and then, as warned in the post above, it can fall from any level.
I am expecting zigzag pattern,give minimum (9038-7511)+ 8055 = 9582 ie: a = c
NB: reply showing errors
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.