As I said earlier post that could go up max 18300(200% of 1st wave) and could be retraced. Likewise, Nifty had gone up and retraced after breaking the lower channel and 20 SMA. And, Nifty looked like has contained 23.6% of 3rd wave. For details, please visit my previous chart analysis.
Now, after correcting 23.6% of the minor 3rd wave, Nifty is moving up. Perhaps correction is over(in the case of extending 3rd wave, its normal to correct 23.6% of the move) If Nifty manages to go higher beyond 18060(reflex point) we expect the Nifty to go up and break the lifetime high of 18600
But, if Nifty comes down and slips 17970, then we may see it coming down to the 17790 level (38.2% of 3rd wave) What do you think about it? Please give your valuable opinion.
Now, after correcting 23.6% of the minor 3rd wave, Nifty is moving up. Perhaps correction is over(in the case of extending 3rd wave, its normal to correct 23.6% of the move) If Nifty manages to go higher beyond 18060(reflex point) we expect the Nifty to go up and break the lifetime high of 18600
But, if Nifty comes down and slips 17970, then we may see it coming down to the 17790 level (38.2% of 3rd wave) What do you think about it? Please give your valuable opinion.
