As suggested in my last idea on 19 August that nifty may have completed extended wave 3 and it may come down upto 17050.
Today Nifty tested the low of 17165.
Current structure suggest that Nifty may go down up to 17135. As if my count is correct then wave 5 of wave Y of WXY is still pending.
As regards wave (i) -(v) of smaller order I am suspicious about the correction wave (ii). As it has corrected less than 0.382% of the previous move. According to wave theory corrections which retrace less than above are suspicious.
Hence if the above assumption is true then the above counting would get void and we will have to count the one larger degree wave 1-5 of which we are in the wave 4.
After the touching the low of around 17130 we should experience up move.
Please note this is not an advice. Please act on your own analysis by consulting your financial advisor.
Comment:
Fifth wave of wave Y has failed and retraced almost all of it.
