Nifty has broken the lower yellow trendline and took support at 200 EMA.
Currently it is doing correction for the impulse wave which has broken the lower trendline.
Nifty will continue to stay in correction phase until and unless it breaches the 200 EMA on daily timeframe.
Currently it is in Wave C of the previous correction. Once 200 EMA is breached wave 3 of wave c will begin and we will see sharp fall.
The invalidation level for the bearish outlook is 18200,above which it will start bullish trend.
Stay safe and trade safe.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
Currently it is doing correction for the impulse wave which has broken the lower trendline.
Nifty will continue to stay in correction phase until and unless it breaches the 200 EMA on daily timeframe.
Currently it is in Wave C of the previous correction. Once 200 EMA is breached wave 3 of wave c will begin and we will see sharp fall.
The invalidation level for the bearish outlook is 18200,above which it will start bullish trend.
Stay safe and trade safe.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
