Nifty Spot completed impulse Wave A and started new uptrend
Nifty Spot has been wave 3 since 2009 and completed its 5 wave advance recently .It just started corrective wave A on Jan 17th 2020 and completed impulse down wave A(impulse down) on March 13th 2020 and exactly stopped before 38.2 % retracement (8555) of large Wave 3.. long term uptrend is still intact don't get scared as of now. Now that Wave A impulse done for Nifty we are look we are in Wave B (slow longer Corrective wave up) may retrace till 11000 to 11200 to test the broken trend line or slightly above for a period till June or July 2020. and Finally wave C might start in August or later 2020 and assuming that B wave reaches 11000 and Wave C target 7125. Let us worry about more accurate wave C target once corrective B wave is done around June 2020/July 2020/August 2020..or later
Wave B might have smaller wave 1-5 and A B C structure but for simplicity i am showing one single arrow as i do not want to complicate analysis
My analysis become invalid if Nifty goes below 8500 and we need to go back and do further analysis
Wave B might have smaller wave 1-5 and A B C structure but for simplicity i am showing one single arrow as i do not want to complicate analysis
My analysis become invalid if Nifty goes below 8500 and we need to go back and do further analysis
Note
Always ensure stop loss rule adhered...1% is basicTrade closed: stop reached
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