For now, i am still bearish, last few days busy in office, so not updated blog and missed the wave c rally of wave 2, which is what i am currently having in place. Anyways, I think markets had completed Wave 1 down at 4667, and the rally from there has been Wave 2 subdivided in a-b-c. Currently, the rally has retrace 61.8% and a = c. However, there was an inverted HnS, which has target of 5200, which retraces 80% of wave 1, which is quiet possible as wave 2 can retrace 99% of wave 1.
Assuming today's price action was end of wave 2, then we can see wave 3 at level of 4486 where wave 3 = wave 1 and 4100 where wave 3 is 1.618 times of wave 1.
If, nifty retraces to 5200, then wave 3 at level of 4574 where wave 3= wave 1 and 4186 where wave 3 is 1.618 time of wave 1.
If 5300 is taken out, then count changes. Lets see that when market crosses that level.
Nifty Chart:
This analysis is purely academic, i am not trading currently, please take right trading decisions.
These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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