Medium term view (no short term):
- It looks like Nifty50 is forming a leading diagonal as part of wave a (yellow line).
- Currently it may be into wave iv of wave a.
- For this set up to be true, Nifty must reach around 18200 to mark the end of wave iv and from there retrace to form wave v of wave a. The entire wave a should complete around 18000.
- After completion of wave a, Nifty should touch around 18180 - 18230 to complete Wave b.
- After completion of Wave b, it should all fall down to the level of 17850-17800, which is also 38.2% retracement of entire impulse since previous bottom of 16828.
- It looks like Nifty50 is forming a leading diagonal as part of wave a (yellow line).
- Currently it may be into wave iv of wave a.
- For this set up to be true, Nifty must reach around 18200 to mark the end of wave iv and from there retrace to form wave v of wave a. The entire wave a should complete around 18000.
- After completion of wave a, Nifty should touch around 18180 - 18230 to complete Wave b.
- After completion of Wave b, it should all fall down to the level of 17850-17800, which is also 38.2% retracement of entire impulse since previous bottom of 16828.
Order cancelled:
Update:
As the price moved and sustained above leading diagonal upper boundary, this view is negated.
As the price moved and sustained above leading diagonal upper boundary, this view is negated.