Nifty took support at 11523 which is exactly 38% retracement of wave (C or 3). If nifty completed wave (4) at 11523 then it will go for new life time high as wave (5). and if nifty trades below 11523 then it could be wave C of bigger irregular correction and it can go deep below 10585.
CHECK MY BUDGET DAY POST FOR EARLIER WAVE COUNT..
from recent budget day high 11981 it seems that nifty has completed wave (A or 1) at 11881, wave (B or 2) at 11944 and its in wave (C or 3). In (C or 3) wave i, ii, iii and iv is already completed and maximum limit for wave v is coming at 11773. so from there we can expect 23-38%(of 11944 to recent low below 11798)...
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...
It seems Nifty is in wave 3 of (C or 3) and if 3 completed at 11487 then wave 4 retracement levels are 11313-11206 and for upside 100% and 123% projection of wave (C or 3) is coming at 11566 to 117098 respectively.
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.
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...
For Bull View Nifty will have to move fast above 11118, any delay below 11118 is a warning for bulls.
Nifty if could not sustain 10913 level then it may fall in the range of 10534-10334 as wave C as shown on chart.
Irregular correction at from 10629-10987 is indicating bounce above 10987. And if Nifty trades above 11065 which is 123% projection of 10534-10923 then it can further bounce sharply towards 11700.
IF nifty declines back from 10987-11065 level then one more decline is possible towards 10584-10534.
Wave count of Pattern here(Left...
I would like to wait till the pattern given in ellipse is clear. As of now this pattern has multiple possibilities which is not good for swing or positional trading. So try to catch small pattern for intraday trade. Have a safe Trading...
It seems an impulse is completed from 10535 to 10923 which could be wave (A or 1) and wave 10923-10629 can be (B or 2) and now 100% and 123% projection of (C or 3) is coming at 11017 and 11109 respectively.