Most probably from 9039 double zigzag correction is running and 1st abc completed 9039-8244, 2nd abc completed 8244-8678 and 3rd abc is in progress and may complete in 7870-7756 range. But if nifty breaks this support range very sharply on Tuesday then we have to count again.
As expected in previous idea nifty decline in wave c projection range and then bounced 400+ points from given support range so most probably wave (B or 2) is completed at 8244 and if so nifty may bounce towards 9772-10132 range.
It seems an impulse wave is completed from 7512-9038 as wave (A or 1) and wave (B or 2) is in progress from 9038 and may complete in 8340-8222-8093 range.
So 8340-8093 is overall support range and from there nifty can bounce sharply above 9038.
Read chart details carefully to avoid misunderstanding.
Earlier we have counted 10295-10545 as wave (4) but now its looks like wave (4) is completed as 8476-10157 and from 10157 wave (5) started.
because of Sharp bounce towards 10157 it was hard to believe that its a corrective wave.
wave (5) completion range is 8649-7717 which is very big so we need to look at the decline from 10157 for internal count of wave (5) in...
wave C started from 12428 already achieved its minimum projection and its difficult to count because of sharp decline from 11389 but from looking at the chart we can conclude that immediate resistance range is coming at 10755-11040 and if nifty bounce sharply above 11040 and hold then only positive.
After completion of wave C nifty may give sharp bounce above new...
As expected bounce from 10637-12428 is looks like wave (B of 4) and from 12428 wave C of irregular correction is started and 10962-10616 is the projection of wave C.
In this 4 hour chart 11584 is the reversal point So trading strategy is sell on rise nifty as long as it is trading below 11584 for the target of 10962-10616.
It seems from 7512 an Impulsive wave started and at present wave 4 is completed at 8454 OR will complete in 8504-8353 range and bounce towards 8926-9218 range is expected.
Negative only if stays below 8353.
8219-8123 is support range for nifty and trading below 8123 for more than 15 minutes would be a negative sign.
Above 8311 - POSITIVE
Below 8123 - Negative
Nifty made low of 7512 and bounced 850+ points without achieving 61% projection is a point of confusion.
Now we need to concentrate on bounce from 7512.
wave v started from 9404 already achieved its minimum required projection of 8967 and 8697 which is 38% and 61% respectively. and so that it is extended. maximum projection is coming at 8261.
As wave v is extended there is a possibility of sharp bounce towards 9404 without breaking below 8261.
Nifty achieved its minimum target in this 1 hour chart as well as monthly chart which already posted.
Fresh nifty should not be created now as per my opinion.
In monthly chart wave (3) of is completed at 12103 and wave (4) is running from 12103 and already achieved minimum retracement at 10316 which is 23%. 38% retracement is coming at 9210.
After completion of wave (4) nifty may bounce once again for new high as wave (5).
In 4 hour chart 12103-10637 is wave (A of 4), from 10637-12428 is irregular wave (B of 4) and from 12428 wave C is started and now trading well below its minimum projection range.
After completion of wave (C of 4) nifty may give sharp up move again for new life time high.
We need to see wave C in lower time frame chart to find out its completion range.
