AJAYSHARMA
Long

Nifty Buy on dips -

NSE:NIFTY   Nifty 50 Index
Every thing described in the chart .
Sir, any chance of alternate view like larger ABC where we completed B today 10067. Though wave 2 retracement did touch previous iv and took support there. Good to close pe here or near 9929
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AJAYSHARMA amitavasaha
@amitavasaha, Lets assume today wave B was completed of a larger ABC . Now wave B would have to be a corrective structure . You must be knowing that following are corrective structures .
Zig Zag - 5-5-5 , Flat 3-3-5 triangle 3-3-3-3-3 , X wave (which can be any of the corrective structure mentioned) or a combination of these corrective structures separated by an X wave . All these structures are 3 wave structures (ABC) with the exception of a triangle .

Now if this was a B wave it should be a 3 wave structure but it is an impulsive structure 1,2,3,4,5 a five wave structure . For this to be a completed B wave , we should have a 3 wave move down and then again 5 wave move up as an impulse or an ED . So anyway we have to see a ABC move down and a five wave move up to complete a zig zag pattern . Remember it cannot be a flat as the first move up was an impulse . But lets see what happens .
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