Nifty is on the corrective structure.
Wave (x) of the double zigzag is near to complete Wave (Y) has the potential to give a short entry for the following targets :
Further information I will update you soon. Stay connected!
Intraday & Short-term outlook of Nifty 50:
Nifty has completed motive wave (iii) at 17792 .
Wave (iv) is forming and, it can have a common retracement of 38.2% .
The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169
According to the rule of corrective wave, it remains under the channel.
And the impulsive wave...
From 14862 corrective pattern is going on as per my view and it may complete in 15174-15233 range.
Nifty may decline towards 14925-14862 range. Kindly trade with logical Stop Loss whichever looking proper in live market.
Trade blindly on others idea is not a good idea sir G.
From 14753 it seems impulsive decline is going on and wave and is completed at 14371 and 14491 respectively.
from 14491 wave (1), (2), (3) and (4) is completed at 14260, 14438, 13713 and 13966 respectively and from 13966 wave (5) is started.
minimum projection of wave (5) is already achieved at 13669 and 61% is coming at 13486.
for exact completion range we...
In this daily chart it seems wave (1), (2), (3) and (4) is completed and wave (5) is in progress from 10790. 38% and 61% projection of wave (5) is already achieved so its in extended zone.
Maximum level 100% is coming at 15096 which is rare case.
From 10790 wave (i), (ii), (iii) and (iv) is completed and projection of wave (v) is coming at 14272-14977 range and...
Gaps indicates that wave (3) started from 13192 is running and wave (4) is pending.
from 13192 nifty not even retraced 23%.
So as of now 13784-13671 is retracement range for wave (4).
But if nifty trades below 13671 then we have to recheck our wave count.
In 2hour chart from 10790 wave (a or i), (b or ii) and (c or iii) is completed at 12025, 11535 and 13777 respectively.
support range(retracement range for wave (iv)) is coming at 13252-12926.
If nifty trades below 12926 then only bigger decline is possible.
Nifty 15min chart suggest from 13402 wave 1, 2, 3 are completed at 13597, 13447, and 13773 respectively. If wave 4 also completed at 13658 then wave 5 projection range is 13800-13887 but if wave 4 is still running then 13696-13648 is support range in which wave 4 can complete and then 5 will start.
Nifty will be negative if trades below 13648.