UNDERDOG-29

NIFTY:Wave counts and possible scenario

Short
NSE:NIFTY   Nifty 50 Index
Analysis from 20-12-2021 onwards.

We are seeing complex corrective rise in Nifty in the form WXY double correction,where prices have not breached raising channel even after 4 touch points.

Currently we are in wave C of second correction Y in blue,and going ahead we can see price falling in 17616-17550 zone to complete wave B of higher degree wave Y.Prices can even extend further on down-side as zigzag wave B can retrace it's prior wave A by 61.8%.Once this decline is over we can see another impulsive move unfolding on the upside to complete wave C of higher degree wave Y which would complete entire WXY double correction.

As of now one can short nifty once it goes below 17750 with initial stop-loss of 17902 hourly candle for target of 17650-17550.Risk-reward is 1:1 so stop-loss should be trailed if trade goes in d money.Do not short until prices goes below 17750.

Disclaimer:This are just my views on the index,no position should be build or exited on its basis,posting this just for my future reference.

Comment: Counts are invalidated
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.