Nifty: 8935 We are in Minor wave 3 started from 7894 on 26 Dec2016 on wards and it may take months to complete the wave. Minor wave 1 was 8969-6826 = 2143 points, so wave 3 has a long way to go up, will be at least 2961 point + 7894 =10855 Meanwhile Nifty will face Strong resistance on completion of all internal waves, like minute [iii] or [v] marked in grey above.
Internal structure for minuette wave (iii) doesn’t have clarity, and there are many internal waves in between, so the wave (iii) completion is doubtful. If wave (iii) completed at 8814, it follows the rules, then wave (iv) and wave (v) is also competed at 8982. In that case minute wave almost completed & we must correct now at least a 38 % of the minute wave .
Assuming that we are in (v) th of of minor wave 3
So that is to follow the trend and direction. Now for a trad-able level, we will check the pivot, Fibonacci levels, in harmony with the force of momentum and size of volatility. For both Nifty & BN I will make it soon.
I thought I will make a separate post for the wave counts updates, as I made the Title “Repost” inappropriate for the first post, and it may not reach to everyone.