So far NIFTY managed to climb after any consolidation from last MAY 2020.
BUT the rosy picture now is visible in todays price action.(09/07 Friday)
the final wave of the consolidation(c5) is not a 3 wave abc correction as like c1,c2,c3 andc4.
wave 3 of c5 formed as motive wave(more than 1.618*c1), hence it is a negetive bias (bearish)
MONDAY 's (12/07) price action will clear all doubts about NIFTY'S direction.
take your positions accordingly
BUT the rosy picture now is visible in todays price action.(09/07 Friday)
the final wave of the consolidation(c5) is not a 3 wave abc correction as like c1,c2,c3 andc4.
wave 3 of c5 formed as motive wave(more than 1.618*c1), hence it is a negetive bias (bearish)
MONDAY 's (12/07) price action will clear all doubts about NIFTY'S direction.
take your positions accordingly