I have tried my hands on nifty, past pattern formed and its possible movement in upcoming days.
Considering 4 HTF, simple correction (ABC) has been completed at 15669 and now from here nifty has started it's journey towards its next phase i.e. bullish (next impulse) or in further complex correction..
Here, it looks like nifty could correct further till 38% of FIB levels..
counting might get changed, considering it's behavior at the time of rejection at mentioned FIB levels.
currently I am expecting the pattern to look like (a-b-c) (A) X- B (we are here) (1-2-3-4-5) C.
I have some constructive comments for your chart after observation: 1. The initial (A)(B)(C) fall (from 18600) is not retraced by a minimum of 90%, which is a rule for a flat. 2. Consider labeling C wave (starting 18412) in red as abc zig-zag, looks more appropriate. 3. The (b) wave in blue looks perfect expanded flat ending at 18350. 4. Consider labeling (c) wave in blue as a zig-zag, as the whole pattern is contained in a parallel channel. 5. Overall we are looking at a double 3 combination correction and currently in last Y leg. 2 structure possibilities remain flat or a triangle. (Just my view)
Hope you take it in the right spirit, this is not to point out mistakes but to improve mutually. I am myself EW enthusiast. Cheers!
1. The initial (A)(B)(C) fall (from 18600) is not retraced by a minimum of 90%, which is a rule for a flat.
2. Consider labeling C wave (starting 18412) in red as abc zig-zag, looks more appropriate.
3. The (b) wave in blue looks perfect expanded flat ending at 18350.
4. Consider labeling (c) wave in blue as a zig-zag, as the whole pattern is contained in a parallel channel.
5. Overall we are looking at a double 3 combination correction and currently in last Y leg. 2 structure possibilities remain flat or a triangle. (Just my view)
Hope you take it in the right spirit, this is not to point out mistakes but to improve mutually. I am myself EW enthusiast. Cheers!