NIFTY: New high or new low ahead?
It looks like NIFTY is in wave 4 currently.
If this counting is correct, price should not break below wave 2 (23222 level). Because according to rule, wave 4 will never be parallel or below wave 2.
It means price will eventually go in wave 5.
Now, as per this counting wave 3 is shorter than wave 1.
And rule says wave 3 is never the shortest wave.
It means wave 5 will be shorter than wave 3 here.
We may assume target of wave 5 as 24034.
But if price falls below wave 2, this counting becomes invalid.
And price may go in new low.
If this counting is correct, price should not break below wave 2 (23222 level). Because according to rule, wave 4 will never be parallel or below wave 2.
It means price will eventually go in wave 5.
Now, as per this counting wave 3 is shorter than wave 1.
And rule says wave 3 is never the shortest wave.
It means wave 5 will be shorter than wave 3 here.
We may assume target of wave 5 as 24034.
But if price falls below wave 2, this counting becomes invalid.
And price may go in new low.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.