NIfty:Neo wave counts

Since 10th feb nifty has started it's fall,but the nature of the fall is not impulsive rather it is falling in corrective manner there by taking a form of 7 legged diametric pattern.So far we are done with 4 leg's and currently it seems like 5 th leg is also completed confirmation of which can a hourly closing above 15900,which would trigger a short term reversal till 16300 level,once we see a rise till 16300-350 level we can again see price falling to today's low to confirm bottom.

As this is 7 legged pattern and so far we have already seen 5 leg's one should look to buy from here rather then selling short.Personally i think Nifty can form bottom around 15550-15740 levels in coming days post which we can see decent bounce which could be traded on the long side.

Sector's like Metal,Energy and IT is out-performing in current market,hence look to enter in this sectors systematically there by managing sector exposure and investment amount.

View negated if we fail to close above 15900 and break current low of 17740.

Disclaimer:This are jsut my views on index,no position should be build or exited on its basis.

Comment:

we are seeing wave f bounce target for which is coming at 16352 and today we made high of 16325,so buying should be avoided as we are yet to see wave g fall.Any hourly candle closing below previous candle low would trigger selling in the form of wave g target for which is coming at 15525 but as it's a last leg of entire pattern, fall would be limited and personally i think we will make double bottom around previous low of 15670 post which we will see decent bounce.

Comment:

if we see hourly close above 16350 before 11.15 am tomorrow then we can assume that pattern has taken form of triangle and bottom of 15670 is final bottom for current up move to continue.