Nifty doing WXYXZ correction...
Based on my understanding of technical analysis, Nifty appears to be undergoing a WXYXZ correction pattern. This corrective pattern is a five-wave structure consisting of three waves that move in the opposite direction to the overall trend, followed by two waves that move in the direction of the trend.
The first wave (W) in the correction is a downward move, followed by a second wave (X) which is an upward correction. The third wave (Y) is another downward move, which is then followed by a complex fourth wave (X) correction. Finally, the fifth wave (Z) is a move in the direction of the overall trend.
At present, Nifty appears to be in the final wave of the corrective pattern, which is the fifth wave (Z). This suggests that there may be a bullish trend reversal in the near future. However, it is important to note that corrective patterns can sometimes be complex and take longer to complete than expected, so it is important to remain cautious and wait for confirmation of the trend reversal.
Traders who are looking to take advantage of this pattern may consider waiting for a clear breakout above the previous high of the correction, which would confirm the trend reversal. Alternatively, traders could look for potential buying opportunities near the support levels of the correction.
As always, it is important to use proper risk management techniques and to have a solid trading plan in place before entering any trades.
Trade closed: target reached:
Following the publication of our short-term analysis, Nifty significant declined of 500 points.
As such, we are booking profits on short positions. It is worth noting that we believe we are currently in the final stage of the short-term decline, and anticipate a potential bullish reversal in the near future.
Our analysis is based on the Harmonic ABCD pattern as depicted on the chart, which indicates a potential upward trend for Nifty after a confirmed bullish signal.
As such, we are booking profits on short positions. It is worth noting that we believe we are currently in the final stage of the short-term decline, and anticipate a potential bullish reversal in the near future.
Our analysis is based on the Harmonic ABCD pattern as depicted on the chart, which indicates a potential upward trend for Nifty after a confirmed bullish signal.
Comment:
#NIFTY - Update
16828 to 18267+
1400 POINT+ UPSIDE RALLY from Harmonic ABCD pattern 🌿
16828 to 18267+
1400 POINT+ UPSIDE RALLY from Harmonic ABCD pattern 🌿
The recent market activity has validated our previous prediction, as Nifty has demonstrated a bounce and has shown respect towards this particular level