AdarshDey Updated   
NSE:NIFTY   Nifty 50 Index
In the recent downtrend starting from 2nd December 2022, Nifty has corrected by more than 2000 points or nearly 11%. Of course trying to be intelligent the reason could be blamed upon FII Selling. But if we look at the charts of Dow Jones and S&P 500, a better and clear picture to the entire correction can be understood., The fall starting 2nd Dec 2022 was clearly visible due to the time zone reversals that NIFTY was following.

But finding the bottom became too challenging and I admit that I failed to successfully find the bottom a few weeks ago through predictive analysis. The reason was purely because the US markets were ignored in the analysis of Indian Markets. When I look back into the US’s index charts, I find the charts are completely harmonic in nature and beautifully follows a pattern. Both the Dow Jones and S&P 500 were in Wolfe wave and there was a throwback after the breakout from 2-4 TL. During this breakout and throw back session, the Indian markets have been continuously down. Now there are signs of recovery, after a throwback in the US markets seems to be completed and Nifty 50 forming a bullish Wolfe Wave as well. The global markets seem ready for a bounce at least.

However the target for Nifty would be at 17772 and above. Minor hurdle for Nifty is 17530 for the upcoming week.

(Dow Jones has completed the throwback and reversed sharply. 34281 remains to be the resistance)

(S&P 500 has completed the throwback and reversed sharply. 4325 remains to be the resistance)

Chart & Analysis


Reached 1st Target & Resistance Zone. Hopefully it will breakout soon.
Resistance Taken. Hopefully it will breakout soon.


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