Nifty is still struggling to find any strength to launch forward.If we carefully analyse Nifty price action we could arrive at two possible paths which Nifty could take from here.
Possibility 1) Nifty is yet to complete the first leg or wave A of the correction. If you look at the black box marked on the chart we could count the move as an ir-regular abc in which case we could have one more fall below 10,255 to complete the wave A. Blue lines show how market could move under this scenario.
Possibility 2) Nifty started wave B from 10,255 and we completed wave 1/a- wave 2/b. We are currently trading in wave 3/c within the larger wave B. Under this scenario Nifty could scale one more high above 10,344 to complete wave B before dropping again to complete wave C.Green lines show how market could move under this scenario.
Either way Nifty could be stuck in the range 10,200-10,500 for a few days more before we see the resumption of uptrend, so identify the stocks that you would like to buy and start buying in small quantities.
Good Luck Traders!!!
Possibility 1) Nifty is yet to complete the first leg or wave A of the correction. If you look at the black box marked on the chart we could count the move as an ir-regular abc in which case we could have one more fall below 10,255 to complete the wave A. Blue lines show how market could move under this scenario.
Possibility 2) Nifty started wave B from 10,255 and we completed wave 1/a- wave 2/b. We are currently trading in wave 3/c within the larger wave B. Under this scenario Nifty could scale one more high above 10,344 to complete wave B before dropping again to complete wave C.Green lines show how market could move under this scenario.
Either way Nifty could be stuck in the range 10,200-10,500 for a few days more before we see the resumption of uptrend, so identify the stocks that you would like to buy and start buying in small quantities.
Good Luck Traders!!!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.