Nifty: A Deeper EW Count

Feb 3, 2018

In my previous post on Nifty I observed that we are in a possible wave iii of the larger 5th. See below...

We have been correcting from the 'double up' level mentioned in that post and a casual look at the chart has been yelling the beginning of wave iv.

But a deeper EW count has been telling something else to me. I know that there could be many conflicting counts on this chart but this one is the most preferred by me.

This analysis is for a sub-wave which starts from 10033. According to this count we are in wave (iv) of this sub-wave. I have drawn a Potential Reversal Zone (10430-10605) which may offer a nice buying opportunity. If this count is correct, we 'll reverse from this zone and resume the uptrend of wave iii of 5th (see previous post for clarity on wave iii and 5th).

Remember that this count would fail below 10405, so this can be taken as stop-loss level.

Trade Safe
Keep liking for better ideas.

Regards
Bravo

Feb 4, 2018

Note

I am not surprised at all with this bleak agreement, reflected by fewer likes, with my idea. It only tells me that market participants are either doubtful at this stage or are in panic that they can't digest a long idea.
We should keep in mind that we are in a bull market and the trend doesn't die so easily. There could be sharp corrections but even sharper rallies.
All the best for a new week.

Feb 5, 2018

Note

Market opened just at the PRZ ceiling and has been bouncing. I personally feel that this is just a pullback and there is some more pain left in this downmove.
Only the bullpower within the PRZ will trigger longs.