Following up on my previous analysis, I’ve adjusted the wave counts for 1 and 2 within the final wave C. One key observation is that wave 3 ended exactly at 1.618x wave 1, reinforcing the need to remap the earlier structure.
Currently, Nifty seems to be in wave 4 retracement, and I’ve marked a potential reversal zone (green box) based on Fibonacci levels. If this plays out, we could see the final wave 5 extending downward, possibly into the yellow box, aligning with Fib projections.
The overall bias remains bearish unless we see a strong invalidation. Let’s see how this unfolds!
Currently, Nifty seems to be in wave 4 retracement, and I’ve marked a potential reversal zone (green box) based on Fibonacci levels. If this plays out, we could see the final wave 5 extending downward, possibly into the yellow box, aligning with Fib projections.
The overall bias remains bearish unless we see a strong invalidation. Let’s see how this unfolds!
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Related publications
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.