Post completing 5 wave impulsive move we are seeing complex correction in Nifty of which wave W and wave X is done and currently it seems like wave Y is in the making,which might have taken a form of triangle given it's internal wave B has taken lesser time then it's wave A.Right now we are in the middle of wave C of triangle and going ahead we can see a bounce in the form of wave D and again a decline in the form of wave E to complete entire wave Y of complex correction WXY in Nifty.
1:1 extention Target for wave Y is coming at 16800
61% retracement of enite impulsive move is coming at 16600.
If we get evidence of market reversal in the form of reversal candlestick pattern along with taking support in this area then one can look to buy Nifty keeping that pivot low as stop-loss.
55 day time cycle is also in sell as of now so no buying should be done till 24/3/23.Also post this date buying should only be done if above discussed criteria is satisfied and Nifty takes support in the range of 16800-16600 along with enough reversal evidence.
PS:This are just my views on the Index no position should be taken solely on its basis,posting this for my future reference.
1:1 extention Target for wave Y is coming at 16800
61% retracement of enite impulsive move is coming at 16600.
If we get evidence of market reversal in the form of reversal candlestick pattern along with taking support in this area then one can look to buy Nifty keeping that pivot low as stop-loss.
55 day time cycle is also in sell as of now so no buying should be done till 24/3/23.Also post this date buying should only be done if above discussed criteria is satisfied and Nifty takes support in the range of 16800-16600 along with enough reversal evidence.
PS:This are just my views on the Index no position should be taken solely on its basis,posting this for my future reference.