Nifty formed Parallel channel inside bigger channel and making smaller candles suggesting upmove exhuasted. It formed Contracting Triangle at top of trend and didn't break major resistance 11380. On 14th Aug gave downside breakdown from triangle completing sharp downside of 3rd impulse wave. Third wave completed as you can see it formed Hammer at 11111...
As of now decline from 9889-8807 looks a three wave move, but the bounce from 8807 doesn't look impulsive so it can be a corrective wave of 9584-8807 and Nifty can decline again below 8807. 9104-9195-9287 can act as a resistance zones.
As of now bounce from 7511-9889 looks like corrective bounce and nifty can decline again towards 7511. Only a sharp bounce above 9584(without breaking 8807) can save nifty from falling towards 7511.
In monthly chart decline from 12428 can be wave C of irregular correction(Nifty can bounce again for new high in that case) OR it can be impulse wave A(Nifty can decline again for a new low in that case). 6338 is an invalidation point for this wave count.
From recent high 9889 to 9117 on down side nifty has completed an impulse wave and from 9117 corrective wave may be in progress now and after completion of this corrective wave nifty can decline more than 700 points.
Nifty 50 weekly update!! close to 38% retracement level!! watch the video for more details NSE:NIFTY
Pattern from low 11625 is also complex. Trading strategy should be sell nifty with strict stop loss of 12001 for the targets given on chart. It can also go below 11625 if bounce from 11625 is wave X2 of Triple zigzag correction.
Triple zigzag pattern is violated as of now and if nifty completed correction at 11625 as double zigzag then nifty needs to go for new high very fast. Any consolidation below 12000 would indicate its still in X2 of complex correction. Will update if found an exact pattern.
It seems Nifty currently in triple zigzag correction and will complete its last abc below 11625(most probably in an ellipse drown in chart). So Nifty needs to go below 11617 before breaking upper wedge line. But if it breaks upper wedge line before going below 11617 then we could conclude that correction is completed at 11625 as double zigzag.
Decline from life time high 12102 is seems to be corrective and looks like double zigzag in which 12102-11770 as first abc, 11770-12000 as X and 12000-11625 as second abc. Now If correction is completed at 11625 as double zigzag then we will see new high above 12102 OR pattern could also turn in to Triple zigzag(In which one more low below 11625 is possible from...
As of now consider 10944-10914 as support levels. And only below 10914 we can think of downside reversal. If wave C started from 11118 completed at 10585 then nifty needs to bounce sharply above 11118.
Pattern is indicating minimum decline towards 10689-10644 range. 10940 can be the Stop loss for this trade.
It seems wave started from 11118 is completed as impulse wave and it also achieved minimum projection(shown in my previous post) of wave C. And if we are right at identifying pattern then nifty needs to bounce sharply towards 10892. So need to concentrate on the wave pattern started from latest low 10620 to catch immediate move. Even if wave C is not completed at...
Starting from 10334 it seems currently we are in (iv) of (C or 3). wave (iv) retracement level 10740-10693 can be buying opportunity with stop loss of 10655(Not so accurate). From that buying range nifty can bounce up to 10838 and further it can also extend up to 10865-10941.
If Retracement levels will come(with Corrective pattern) then it will be a buying opportunity with stop loss of 10622. This retracement levels will change according to new fresh high of tomorrow. If impulse started from 10494 is wave C then it will not go much higher above 10780. OR If impulse started from 10494 is wave 3 then...