NIFTY:Wave counts and possible scenario

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

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