I hate changing counts, but it seems, the 5200 aim is goin to fall short, and possibly wave 5 of wave 1 can be an extension down. Wave 3 down was exactly 1.618x of wave 1. I forgot one rule of wave, "either of motive wave can be an extension. In case of extension, i am expecting wave 5 to be 2.618x of 1 - with target of approx 4600, for this the sell-off has to a be fast. Lets see, sub 4850, i expect the sell off to be fast, for now, I am not able to post target based on 60 min chart. Wave 5 can reach anywhere between 4800 to 4600. Why i am not able to sure, is because of attached SBI and RIL chart are more bearish and possible can be entering wave 3, which shall be very bearish for the market.
Following are Nifty, RIL and SBIN Charts.
Nifty:
RIL
SBIN
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. We are all students
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