Nifty has rallied upto the 0.618 level also coinciding with the prev wave 4. This means the minimum price targets for the correction is done. However the time seems to have been too soon, What I expect is a sideways to downward movement before a wave C completes the correction. ( wave nos corrected above) Long term - headed down
Why do you think it is 1-2-3 (impulse) from the TOP and NOT A-B-C (Corrective)?
Thanks in advance.
With Regards.
SolomonsView
⋅
@praveenvs, Hi Praveen, I'm counting this as a 1-2, 1-2 which is even more bearish. But you are right , this may be early and I will want to see Wave C develop to see if it is corrective or will be a Wave 3 upward instead. But I am driven by my long term count. You can see it at
This should give you a view on my assessment at this stage
praveenvs
⋅
@SolomonsView, Thanks for the prompt reply. Your long term count looks OK. But, my only concern is - looking at US charts (which made new highs above PRE-COVID highs), hence corrective bounce in them is ruled out. So, they are in impulse.
How long can we move in the opposite direction, when major market is already in an impulse.
Possible, ONLY IF, we have a country specific issue.
Hence, I have kept an open mind about correction in our markets.
Praveen - I thought I had published my DJI view , but realised it was not published - I've just put it out there
Note that DJI has not made a new HIGH as you mentioned.
praveenvs
⋅
@SolomonsView, S&P500 and NASDAQ have made new all time highs. Yes, there is a inter market divergence there as well. Let us see, how it plays out. Thanks again. May GOD bless you.
SolomonsView
⋅
@praveenvs, HI Praveen - I've revised my wave counts for Nifty. you can refer to my latest updates. In the DJI also, I see both the legs down are equal so I am inclined to believe they are legs A=C and will head higher
praveenvs
⋅
@SolomonsView, Very nice, we need to change when the market suggests to. There is no right or wrong count. What matters is - how effectively (profitably) I used the opportunity market gives. 5 waves what we are seeing could be 1st wave of impulse OR 'A' of a zig-zag, no idea.
Why do you think it is 1-2-3 (impulse) from the TOP and NOT A-B-C (Corrective)?
Thanks in advance.
With Regards.