We are seeing complex corrective rise in Nifty in the form WXY double correction,where prices have not breached raising channel even after 4 touch points.
Currently we are in wave C of second correction Y in blue,and going ahead we can see price falling in 17616-17550 zone to complete wave B of higher degree wave Y.Prices can even extend further on down-side as zigzag wave B can retrace it's prior wave A by 61.8%.Once this decline is over we can see another impulsive move unfolding on the upside to complete wave C of higher degree wave Y which would complete entire WXY double correction.
As of now one can short nifty once it goes below 17750 with initial stop-loss of 17902 hourly candle for target of 17650-17550.Risk-reward is 1:1 so stop-loss should be trailed if trade goes in d money.Do not short until prices goes below 17750.
Disclaimer:This are just my views on the index,no position should be build or exited on its basis,posting this just for my future reference.
Updated count post triple correction wxyxz,we are seeing impulsive rise of which wave 5 target has been achieved by the price,although it has extented it's 100% equality target of wave 1,instead it has extended by 123.6%,here we can see negative divergence on RSI also,a typical wave 5 characteristics,hopefully from here market will reverse and we will either wave 2 of an higher degree impulse or wave B of zigzag correction.One can go short at cmp of 18190,sl can be 18220,any 30 min candle close above 18220 should be enough for stop-loss and exiting short trade.Target can be 17900-17700.
PS:We still havent got any evidence of wave 5 getting over.
TKMum
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@UNDERDOG-29, Yr analysis was perfect. Today Nifty touched same level as you mentioned. Superb.
TKMum
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@UNDERDOG-29, I am waiting for your analysis on Nifty, please🙏 post yours on Nifty and Bank Nifty
TKMum
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Now what's Next? please post updated chart of Nifty
Updated count post triple correction wxyxz,we are seeing impulsive rise of which wave 5 target has been achieved by the price,although it has extented it's 100% equality target of wave 1,instead it has extended by 123.6%,here we can see negative divergence on RSI also,a typical wave 5 characteristics,hopefully from here market will reverse and we will either wave 2 of an higher degree impulse or wave B of zigzag correction.One can go short at cmp of 18190,sl can be 18220,any 30 min candle close above 18220 should be enough for stop-loss and exiting short trade.Target can be 17900-17700.
PS:We still havent got any evidence of wave 5 getting over.