Intraday & Short-term outlook of Nifty 50: Nifty has completed motive wave (iii) at 17792.
Wave (iv) is forming and, it can have a common retracement of 38.2%.
The nifty trader can see the following targets: Target 1: 17425 Target 2: 17270 Target 3: 17169
According to the rule of corrective wave, it remains under the channel. And the impulsive wave can breakout the parallel channel. If nifty breaks the parallel channel, we have to accept the impulse atmosphere.
Trade closed: target reached
⋅
Nifty has touched the target of 17425. Safe traders can book full profit here.
Comment
⋅
Don't forget to hit the LIKE button. Follow me for more EW ideas.
@forextidings, unlucky me, I wish you had one. Anyways, let me know if you can provide some resources where I can start learning technical analysis from a practical standpoint.