Nifty is in primary wave {3} top with a complex correction in an intermediate wave (5), and this break below 11485 now making the whole pattern in to an irregular correction for internal wave iv of minor wave 5, which can form into ED even, with all internal corrective waves. Many possibilities are around. But still expecting a new high if holding 10585 intact. With such correction toward 10585, Nifty can form a huge Expanding Triangle in wave 5.
11485 (ie a 38.2% of current upswing) is major trend reversal point. A break below 11485 now shows that Nifty can turn the major pattern into Irregular Correction and can result in further fall towards 11100. Strong support is 11330 at bottom trend line and again at 11108
Assuming that wave5 achieved minimum projections after breaking above 11760.20 and achieved 12103, but pattern doesn’t seem completed whereas an extended projection approx.: 61% is placed at 12750. If 12103 is the end of wave 5,then we will see a deep correction. A Break below 10004 , will assumes that we are in a Primary wave {4} correction, which is also another probability.
{ For primary waves angle brackets are not showing in the post, hence i put a curly bracket}
@padiyaraa bro , iii and iv both sideways correction..?
padiyara
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@Gopal_Dhamija,
wave iii is an impulse and cannot consider a side way move. wave iii must NOT be the smallest wave. Here wave iii is bigger than wave i.
wave i = 981 point, so technically if we consider 11856 as wave iii top as i marked above , is also a valid count with 1277 point= approx:131% of wave i.
And about wave iv , the pattern is not yet clear, but with current values, that too with more than 38% correction. probably forming a irregular flat.
Gopal_Dhamija
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@padiyaraa, typo ,, ii not iii, ii and iv.. actually!
padiyara
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@Gopal_Dhamija,
ii & iv should comes with ''The rule of Alternation'', wihich is very obvious here. i am surprised, how do you think both are side ways.
if you see here it follows the Rule of Alternation, says that if Wave 2 is a complex pattern, then Wave 4 should be a simple pattern,
you can see that wave ii is complex side way move where as iv is an abc falt.
Gopal_Dhamija
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@padiyaraa, ii is complex ,, iv .. flat also comes in sideways family.. only zigzag and zigzag comes in sharp family of corrections...! as per my little knowledge!!
padiyara
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@Gopal_Dhamija, wave ii shall not be a triangle and wave iv shall not be a zigzag, these are two main objections, but that even compromised sometime.
An alternation in price , pattern or personality is being accepted.
we are sharing the knowledge here, how ever little it is. if i am wrong i will correct. Out of 4 major correctives like zigzag, Flat, Triangle and Combination,
I think the Last two Patterns are considered sideways. I was talking in that spirit and wave ii was almost showing a combo look.
I am also a life time leaner, would like to know, what is your view about the move staring from 10004 & your points of objections.
please find little time at you leisure.
Gopal_Dhamija
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@padiyaraa, that's the point bro, both can't be sideways.. will update the chart today!