What’s Nifty’s next move?
In our last post on Nifty we had mentioned that Nifty had completed the A-B-C-D-E-F legs of the diametric and was in Wave G, which could be truncated at 38.2% or 50%, and we should watch for price action closely around 38.2% level.
That’s how Nifty behaved, with Wave G reversing from 38.2%.
The wave post Wave G is always a fast retracement with close below the starting point of Wave G. This is also done.
So, what’s happening right now?
The move after Wave G was a fast one; however, it wasn’t a large one. So, we infer that right now Nifty is forming Wave X. It has completed subwaves a and b, and today we could see the formation of subwave c of X. Once subwave c is over, X wave will be complete.
We can apply Ichimoku on hourly chart to get a better idea of where subwave c / wave X will end, and downtrend may resume. Our expectation is around 24,350 to 24,450. If Nifty crosses this level, then it may go up to fill the gap.
After the completion of Wave X, we may again see Nifty going down to 38.2% which is around 23,627. If it crosses this level, we may see Nifty going further to 50% which is 23,179.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
We look forward to engaging with all those who follow our ideas on Tradingview. Share with us your thoughts through the comment section.
That’s how Nifty behaved, with Wave G reversing from 38.2%.
The wave post Wave G is always a fast retracement with close below the starting point of Wave G. This is also done.
So, what’s happening right now?
The move after Wave G was a fast one; however, it wasn’t a large one. So, we infer that right now Nifty is forming Wave X. It has completed subwaves a and b, and today we could see the formation of subwave c of X. Once subwave c is over, X wave will be complete.
We can apply Ichimoku on hourly chart to get a better idea of where subwave c / wave X will end, and downtrend may resume. Our expectation is around 24,350 to 24,450. If Nifty crosses this level, then it may go up to fill the gap.
After the completion of Wave X, we may again see Nifty going down to 38.2% which is around 23,627. If it crosses this level, we may see Nifty going further to 50% which is 23,179.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
We look forward to engaging with all those who follow our ideas on Tradingview. Share with us your thoughts through the comment section.
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