This could play out because both Daily RSI and Daily MACD are still positive alter the recent pullback.
I expect a retrace to 50% FIB or more before the final Wave 3 pullback.
A Potential H&S Pattern is forming on 60 Min NIFTY50
Expect the long and short rides as the Right Shoulder is formed.
S&P500 is also exhibiting a similar pattern on the 60min chart.
Short term Bullish on NIFTY.
NIFTY retrace has been short of 50% Fib. S&P500 has retraced 61.2% - A typical retrace is between 50% or above.
Expecting:
1. The retrace to complete 50% of the current fall.
2. Fill a higher gap from a previous retrace attempt.
3. Daily MACD remains positive.