The base channel was threatened t day . A gap down or a swift break of the channel will confirm the wave b top is in place and we may not see a wxyxz structure . Only a wxy structure . wxyxz structures are rare. So we have a wave (c) on our hands to complete wave ((ii)) . Should end near 10350 levels (1:1) or 10400 levels (1:0.618) . Then we should launch wave ((iii) of 5 . Till then stay short . I think . Even if a wave z comes up it would still be a wave (b) . At this moment it looks like a flat .Regards
Yes. It seems so . But with rsi boinking around 65 in 1 hr chart . It can also be a 1-2 -1-2 structure. Basic point at present market is not trending . Lets see when it trends.
walter0202
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hello Ajay, so it seems there is going to be a Z wave up above 10895, tgt for Wave Z is equal to Wave W right ?
Sidharth_Kr_Jain
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What after today upmove
AJAYSHARMA
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@Siddharth_Kr_Jain, The channel still holds . If 10834 is crossed then move down from 10891 becomes an ABC X wave then expect a z wave up to the channel top . If not then we are in a pullback wave ii of the final wave C of a flat .And the channel may be broken with a gap down. The third scenario that we are in a 1-2-1-2 type structure of wave iii up is not supported by momentum indicators at present on hourly chart.
Sidharth_Kr_Jain
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@AJAYSHARMA, Tomorrow opening should provide the clear picture but I may hopeful of gap down opening n holding 10400 pe as hero or zero trade. Expecting Nifty to go down to C by 26th June. I am not a technical guy but following ur Nifty chart from many days