If we consider the last up move to be 1 then we are in an impulsive move upward. We have completed 1 and going for 2 out of which it looks a has been completed and will go for b upward. Then a sharp reversal towards 17050 which is at 61.8% level of wave 1. ***Note: wave 2 can retrace up to 99% of wave 1 and below 100% the recount will take place. This analysis will be invalidated below 16782 level which is recent lowest low.
This is not a buy sell recommendation. For update on my chart see the status.
Quite possible.Evidently a flat so far. Wave 1(orange colour) ofpresent upmove already crossed wave 4 low of (C) wave validating your count.So it is a buy/ accumulate.
imkhushal
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I feel a diagonal has been in making will update from my end 2moro
Dwivedi_VIbhav
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If I ask for Nifty since inception . on the basis of monthly chart can you guide 0-1-2-3 and so on pls
imkhushal
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thank you for your precious comment...
VishalSancheti
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very well explained but 2 day holiday may eat up B and monday C complete ..possible ?
imkhushal
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@VishalSancheti, it does not happen, the leg will be completed, it might be small but will happen...
helpfulBustard22167
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wave 1 marked by you is abc structure (expanded flat)