Bravetotrade

Nifty: A Deeper EW Count

NSE:NIFTY   Nifty 50 Index
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
Comment: 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.
Comment:
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.
Bond Yields are pulling money from all over world, Indian market still has catching up to do on earning versus valuation, FPI sell off, DII buy, DII redemption question, LTCG has forced profit booking..Lot of activities same time, i expect down for feb atleast 2-3 % more from current, might catchup towards the end , V shaped link of movement,
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Bravetotrade abhishek17n
@abhishek17n, Perhaps you are right. This count has already been negated below the mentioned levels. Sell on rallies should be the strategy as of now.
Thanks for sharing.
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agree.. but you charts are suggesting rise upto 10900 from here?
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Bravetotrade Parasuram
@Parasuram, hmm..let's see where this pullback ends.
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this time the bubble has burst globally.. we in for a deeper correction .. first levels will 8500...
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Parasuram Parasuram
@Parasuram, am sorry.. first stop will 10-12% correction from the top.. which below 10000
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Bravetotrade Parasuram
@Parasuram, May be..let's see. I ll just manage my risks and take quick profits wheneever possible.
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agree completely if comes at 10500 it is true technically that it will give atleast 200 points bounce back !
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Bravetotrade pratik2358
@pratik2358, Thanks. N that's true what u said. Infact I expect retest of 11111, a 600 pts rally :-)
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