In this 2hour chart from 10790 wave (a or i) and wave (b or ii) is completed at 12025 and 11535 respectively. In (c or iii) wave i, ii, iii and iv is completed and wave v is also achieved its minimum projection of 38% and 61% is coming at 13785.
13097-12798 is an immediate support range as of now.
Wave (5) started from 10790 is looks like a three wave move as of now. wave (c or iii) started from 11535 achieved 100% and 123% while 161% is coming at 13534.
12868-12613 is immediate support range and nifty is positive as long as trading above 12613. Nifty turns negative only if trades below 12613.
In hourly chart it seems wave (c or iii) is still running from 11535 and from 11535 wave (i), (ii) and (iii) is completed at 11921, 11756 and 13146 respectively and wave (iv) is completed at 12790 or still running and wave (v) is still pending.
So overall nifty is positive as long as trading above 12530.
projection of wave (v) is coming at 13405-13785 range from 12790.
In this 15min chart wave (iii) started from 11756 not even retraced 23% yet so may be wave (iv) is running and wave (v) will start on upside after completion of wave (iv). 12678-12502 is immediate support range and nifty if trades below 12502 then only negative.
In this 1hour chart it looks like a three wave move and it can be abc or 123. So nifty is in positive zone as long as trading above 12417 which is 38% retracement level.
12626-12417 is immediate support range and nifty negative only if it trades below 12417.
In this 1hour chart wave started from 11535 is sharp and steep and created gaps so i have given Alternate wave count.
If its wave (v) then 100% projection is coming at 12770 and wave (v) above 100% is rare case so if nifty trades above 12770 the we will consider Alt. wave count.
In this 1hour chart it seems wave (i), (ii), (iii) and (iv) is completed at 11305, 11181, 12025 and 11535 respectively. And from 11535 may be wave (v) started and already achieved its 38% projection and almost near to 61% projection. so now we need to be cautious on buy side.
The only confusion in this chart is the speed of wave (v) from 11535 is sharp and...
Posted this daily chart idea on 17th oct. and we are near to minimum target. so we need to concentrate on the bounce from 10790 to find out top.
In daily chart from 7511 wave (1), (2), (3) and (4) is completed at 9039, 8055, 11794 and 10790 respectively and from 10790 wave (5) is started and projection of wave (5) is coming at 12426-13437.
Decline from 12025 is looks like corrective as of now. so we can still expect bounce towards 12007-12298 range in coming days.
Invalidation point for this view is 11305 which is well below from current level so for immediate move lets look at 15 min chart from decline 12025.
wave 5 started from 11181 is already trading in its extended zone and 100% projection is at 11696. above 100% projection of wave 5 is a rare case.
And if nifty cross 11696 then we will change wave count as under:
10790-11305 wave (a or i)
11305-11181 wave (b or ii)
11181-116** wave (c or iii) is running.
If we are right in this count then nifty will decline...
Wave 5 started from 11181 has achieved its minimum projection.
By looking at the internal wave count of wave 5 it seems wave (iii) is completed at 11424 and wave (iv) is completed at 11383 OR still in progress and wave (v) is still pending.
Earlier we have considered wave iii at 11072 but now it seems iii has completed at 11305 and wave iv at 11181 which is almost 23% retracement.
And if wave iv is completed at 11181 then projections of wave v is coming at 11377-11499.
we were expecting more than 38% retracement because counted five wave completed at 11305 and looking for wave (b or ii) which can...