Analysis of Today So as we had discussed yesterday that it appeared that a 5 wave pattern has completed, but Nifty had something different in mind and decided to gap up and complete the pattern further ahead than what we thought of ... So Nifty opened at 11610 and attained a day high immediately at 11617 thereby completing the 5-wave pattern ... But as we discussed that the 5-wave pattern needs to be followed by a corrective wave and hence we were expecting correction and indeed that is what happened as the entire day Nifty did not cross its day high and was bearish
Analysis for 28 Aug Situation of Nifty appears to be grim as per the wave pattern ... Reason - It ended with a ending diagonal (impulse) and has now started with a leading diagonal (again an impulse in opposite direction) indicating likely change in trend .. However as of now, we cant say that the entire pattern that would unfold be a motive (1-2-3-4-5) or a corrective (a-b-c) wave ... But since first wave is an impulse, even if its a corrective wave, it should unfold as a zig-zag... As per my analysis Nifty shall be bearish on 28 Aug, initially may be correcting itself till the resistance zone marked on the chart and from there it should be another impulse down till the support level marked.
Note Views expressed by me are for educational purpose only and under no circumstances are to be treated as guide/tips for trading any kind of financial instruments
Moreover, request you guys to like and comment (both positive and negative) to my ideas so that it keeps me motivated to share more such ideas with u
Analysis for 28 Aug Situation of Nifty appears to be grim as per the wave pattern ... Reason - It ended with a ending diagonal (impulse) and has now started with a leading diagonal (again an impulse in opposite direction) indicating likely change in trend .. However as of now, we cant say that the entire pattern that would unfold be a motive (1-2-3-4-5) or a corrective (a-b-c) wave ... But since first wave is an impulse, even if its a corrective wave, it should unfold as a zig-zag... As per my analysis Nifty shall be bearish on 28 Aug, initially may be correcting itself till the resistance zone marked on the chart and from there it should be another impulse down till the support level marked.
Note Views expressed by me are for educational purpose only and under no circumstances are to be treated as guide/tips for trading any kind of financial instruments
Moreover, request you guys to like and comment (both positive and negative) to my ideas so that it keeps me motivated to share more such ideas with u