In 30min chart it seems wave (c or iii) started from 11535 is in its last stage of completion with pattern of Ending diagonal.
12817-12615 is an immediate support range.
13159-13217 is an immediate resistance range.
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.
In monthly chart wave completed at 6357, wave completed at 2252,
and in wave may be 5th wave is running from 7511.
38% projection of that wave (5) is already achieved but it is below earlier high and 61% is coming at 13598. so wave (5) completion range can be 12428-13598.
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...