As per my view, the move from 7916. 40 to 8274.95 was corrective in nature and in relation to the minor wave III, being minor wave IV, as it has been mentioned in the chart. Currently, the move in the Nifty that has started from 8274.95, at first sight, looks like an implusive in nature and may be heading towards making new lows.
Today, Nifty opened with a positive note in the pre-trading sessions and made high of 8200.95 in the early session of trading, however, the initial gain got wiped off and came near to the previous day's low @ 8154.45 and made today's low of 8155.80 for until now. The up move from today's low of 8155.80 until now to 8186.70 looks corrective in nature and has retraced more than 61.80% of total move from 8200.95 to 8155.80. Trader having short position shall cover the position if there comes any move above 8200.95. However, trader having short position shall, looking at the chart and current situation, it is advisable to keep their short position open till the new low, i.e., untill Nifty breaks way below 7916. 40 , may be till 7800/7700 arrives.
Your views, suggestions and comments are welcome.
Disclaimer: All the charts and views posted here are for educational purposes only.
Any long is not advisable at this stage.
Hope you all enjoyed this journey towards the new low!