Nifty has accomplished its double three correction (w) - (x) - (y). Price had risen rapidly after the completion of wave c of wave (y).
According to the wave principle, Nifty can only confirm its trend after breaking wave (x) of a complex correction. So, the price must have sustained above 18111. It is also a higher low, and the price may face resistance from this level.If the price fails to sustain above 18111, nifty can start a correction up to 38.2]%[/b retracement of the wave. The length of the impulsive wave 3 is 2.618% of wave B.
Conclusion: Upward move is limited to 18111, and the price has to confirm the Bullish momentum by sustaining above this level. Failure may start 4th wave correction.
Extended Wave 3 ended near 18040-18050 Area Two reasons one is projection of wave 1, 2.618% is 18042.60, another is 200 % fib extension of wave 1 18042.50 so we can anticipate reversal area 18040-18050 for corrective wave 4. which may be 0.38% Fib entrancement.
meena_sn
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@meena_sn, bahul late yad aayee aap ko post karne ki
StockWhizzer
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Whats your view on Biocon & Saregama?
thomasdaniel22
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Madam, So, are we done with Wave 4 correction, as of today?
RahulDevDhanauli
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any suggestions??
vineetsehgal4000
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I am too amateur but was able to do the same analysis (bases on the trend line and three top, also its creating a descending trendline from the top