Nifty 50 is advancing well on its primary wave 3 and demonstrates strong momentum. This primary wave 3 is of cycle wave V, so should inherit properties of wave 3 of cycle III. Aiming to cross 23000, currently it has touched the high probability pullback/retracement level. though previous pullbacks since April 2020 suggest that it may fail to achieve adequate retracement.
Overall, I expect this wave to be as strong as the wave that lasted from May 2004 to 2007 and could take the markets to levels unthought of.
Waiting for first pullback reversal to open longs.
Overall, I expect this wave to be as strong as the wave that lasted from May 2004 to 2007 and could take the markets to levels unthought of.
Waiting for first pullback reversal to open longs.
Comment:
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Its marching towards its first goal of 22950. I had been wondering for long as to why is current wave not offering any reasonable pullbacks, as expected during an ordinary run. Inquisitiveness led me to do a long and tiring cyclic analysis , which confirms the strong bullish view. If theory goes well, then Nifty should hit 26000 levels by end of 2024 - a gain of 20% in the current year. The retracements is expected to remain shallow until 22950 & 23300 at which level there should be some decent retracement before springing up towards 26000. The cyclic analysis was long drawn and I have more than 90% confidence in results obtained. The same conclusion is towards Nifty Total Market index too. If the market pans out this way, we may see unprecedented bull run. I am bullish on markets, and little worried on bloating valuations of microcaps barring select ones. I am going long and long on my selected counters, writeups on which will follow in some time.