NIFTY: Wave Projection Suggests A New High But…Timeframe: Daily
Nifty has accomplished its double three correction (w) - (x) - (y). Price had risen rapidly after the completion of wave c of wave (y).
According to the wave principle, Nifty can only confirm its trend after breaking wave (x) of a complex correction. So, the price must have sustained above 18111 . It is also a higher low, and the price may face resistance from this level.If the price fails to sustain above 18111 , nifty can start a correction up to 38.2]% [/b retracement of the wave. The length of the impulsive wave 3 is 2.618% of wave B.
Conclusion:
Upward move is limited to 18111 , and the price has to confirm the Bullish momentum by sustaining above this level. Failure may start 4th wave correction.
I will update further information.
