EW analysis on Nifty- Are we heading downwards?

NSE:NIFTY   Nifty 50 Index
After an impulsive move from 12430-7511 we saw corrective move in the form of Zig Zag correction from 7511. It seems wave A took form of leading diagonal followed by B wave (3 wave correction-zig zag) and then C wave which is generally 5 wave move. On closer inspection of C wave it looks like it is near completion range. It is better to stay cautious on long positions.


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