Nifty has entered into combination correction from 19th Oct high

Oct 28, 2021

NIFTY.


- Nifty topped out its 5 wave impulse at 18600.
- From there on it started a WXY combination correction, with W leg completed today (pending confirmation). W leg was a 5-3-5 ABC zig-zag structure as labelled on the chart. W leg may have been completed today as it has hit the lower line of corrective channel.
- Ideal target for W lies near 17720 as per fibonacci relations (A=C).
- A 3 wave rally (X wave) is expected with sluggish movement, as it will be against the trend.
- A long trade can be taken after W wave confirmation for a target of 18280 as per fibonacci retracements.

Note: Above is just a framework. Take trade based on your risk management and understanding.

Nov 1, 2021

Note

In continuation to the previous post-
- The 5 wave impulse up to 18600 completed minuette wave 5 of minute wave 3 degree.
- There on we witnessed minute degree wave 4 correction which completed at the low of 17615.
- The correction was sharp and will not require a double zig-zag combination. as the low ended in the price territory of wave 3 and 4 of previous degree.
- A long trade now for minute degree wave 5 can be taken.

Nov 18, 2021

Note

Hold your long positions with a stop below 17600. I know things are looking bleak. But hold only if you have conviction.

Nov 22, 2021

Note

With today's price action, it is pretty clear that all this while the WXY correction was in play. although the X wave correction didn't look like a 3 wave advance, which fooled many of us.

We can look for the bottom at W = Y which is at 17250. No point in shorting positionally from here. Trade as per good Risk to Reward.

Nov 23, 2021

Trade closed: target reached

With today's low, looks like the end of impulsive Y wave end is in place. I don't expect this low to be broken in the near term.

Hope you liked the analysis.