Wave ii started from 8250.8 was initially expected as an expanded Flat as the b traded above the start of wave a & was expecting a target 8066 & 7982. But now its wave C is almost concluding at 8154.45, and the retracement is more the 62% of c , also the price moved above the 4th wave of c, it is assumed hat the correction is over and we are now in an uptrend either wave iii or C if the wave start from 7916 is ABC. If the above is correct we can see 8489 & even 8696 (Please read it from a learner perspective)
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Not crossing beyond 62% ie: 8230, it seems like wave (c) is still progressing,in that case the earlier count will resume,for a target minimum 8080 length of wave (a) the bottom trend line is a crucial support around 8150.
Test
Comments
sgor1980
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Mr. Padiyara, the counting of your wave i from the low 7916.40 is wrong. Secondly, according to me the whole formation from the low of 7916.40 to the high of 8274.95, to be precise, seems to be a double-complex correction. Please, go through my recent post on Nifty. The link to the same is provided below. Your views and comments are always welcomed. Regards...
padiyara
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@sgor1980, Thank you for your guidance. I will definitely see the flaws & follies I as following in counting.
I am also keeping a similar alternate count, please look the blue labels in my chart, but i was giving preference to 123,
only like an impulse with in a correction move.
Thanks again
sgor1980
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@padiyaraa, Don't take me wrong, my intention was not to point towards the flaws, rather I was just trying to put up my point only. I feel sorry if I had used any wrong words...
padiyara
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@sgor1980, No mention :D
I was away& not at my dUsk now. Preparing for a small vacation.