Wave 5 started from 11181 has achieved its minimum projection. By looking at the internal wave count of wave 5 it seems wave (iii) is completed at 11424 and wave (iv) is completed at 11383 OR still in progress and wave (v) is still pending.
Earlier we have considered wave iii at 11072 but now it seems iii has completed at 11305 and wave iv at 11181 which is almost 23% retracement. And if wave iv is completed at 11181 then projections of wave v is coming at 11377-11499. we were expecting more than 38% retracement because counted five wave completed at 11305 and looking for wave (b or ii) which can...
Nifty may have completed impulse wave at 11305 and retracement levels are given in chart where 23% is already achieved.
Now it seems from 11794-10790 an impulse wave is completed and nifty may consolidate between 10950-11410 in coming 2-3 sessions.
In 30min chart immediate resistance range is coming at 10900-10970. Note:- I am considering internal (i) and (ii) of (3) because expecting bigger decline. if this wave count is wrong then nifty can bounce quickly towards 11260.
As mentioned in 4hour chart nifty already broke 10934 and in negative zone. 11106-10985 is immediate resistance range and positive only if trades above 11106.
In this 45min chart from 11794 its a three wave move as of now and immediate resistance range is coming at 11164-11251 and nifty is positive only above 11251.
Nifty is trading in support range of 11263-10934. But if nifty breaks below 10934 then it may fall towards 10600 in quick time.
Bounce from 11185 is looks like an impulsive wave and wave v of that impulse has already achieved its minimum projection. Now this impulse can be: (i) wave C of irregular correction-Nifty can decline below 11185 in that case. OR (ii) New impulse- Nifty can give retracement of this impulsive bounce and then again bounce above 11794.
22540-22857 immediate resistance range. above 22857 positive. BN is trading between important levels 22857-22127.
Nifty may decline towards 11116-11006 range without breaking above immediate resistance range 11279-11338. If break and stays above 11338 then only positive.
from low 11325 Looks like a corrective pattern is forming so 11560-11615 is resistance range.
From 11111 wave (i), (ii), (iii) and (iv) may be completed at 11290 and from 11290 wave (v) may be started and in which i, ii, iii and iv is completed and v might be complete in the range of 11460-11491 range.
From 7511 its looks like double zigzag correction . But to find out top(End of (c)) we need to look at the recent bounce started from 11111. I could not see any other pattern other than double zigzag correction. But it doesnt mean I am shorting blindly. do your own analysis and make trading strategy accordingly.
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.