Although we are expecting a further move ahead nifty is facing many Resistances like a major five month , 34 resistance, and Daily zero line resistance, and the indicators are oversold (for DAILY time frame chart with standard 14 PERIOD) keep a caution at first target area 8312 while looking upward.
It is like saying yes and no together to answer a question, but true, I agree with both or all the comments, as nothing is definite in the market. My count is giving me a confidence that, the said trajectory may occur with certain conditions. … Nifty should not go below 8233 or maximum is wave iv start ie: 8134 is the reversal point for me. I may be wrong…but, watch the hourly chart, showing a bullish area with a MA 20 support, a bullish hammer, & MACD in bullish zone.
There are many other different counts, which can give other targets. I also have alternate counts, like this impulse from 7893 can be a wave C as well as a wave 1.
I am using a 15 minute chart, because, that is the lowest chart allowed for publishing, but for wave count the lower time frames can give more clarity.
Many thing is untold story here, as the issue is like a riddle wrapped up in an enigma and very complex to describe when it comes to the fractals, the time frames, plus the periods etc. So I repeat I am still learning…. :D