NIFTY 50 : Is this a start of corrective pattern in Index
NIFTY 50 IS NIFTY 50 IN START OF CORRECTIVE CYCLE A-B-C
Monthly chart of NIFTY 50 suggest Wave[ 5 ] is in place. Wave[ 1 ] starting since April 2005 have seen ended at the start of January 2008, thereby correcting NIFTY 50 more than 0.618% of Wave[ 1 ]. Since then Wave[ 3 ] is the top of pendemic emergence in January 2020 is greater than 1.618 of Wave[ 1 ]. Wave[ 4 ] corrected between 0.382 to 0.50 of Wave[ 3 ] and well above the end of Wave[ 1 ]. Wave[ 5 ] almost equal to greater than Wave[ 1 ].
Does a bearish price pattern under formation at the top indicates end of Wave[ 5 ] here? Is this a start of corrective pattern A-B-C to complete the wave cycle ? If Yes then Wave[ A ] is likely to be at 10500.00 to 11450.00 levels at 0.50 to 0.618 atleast of Wave[ 5 ]. This is just a view. Need to keep close Watch....
Monthly chart of NIFTY 50 suggest Wave[ 5 ] is in place. Wave[ 1 ] starting since April 2005 have seen ended at the start of January 2008, thereby correcting NIFTY 50 more than 0.618% of Wave[ 1 ]. Since then Wave[ 3 ] is the top of pendemic emergence in January 2020 is greater than 1.618 of Wave[ 1 ]. Wave[ 4 ] corrected between 0.382 to 0.50 of Wave[ 3 ] and well above the end of Wave[ 1 ]. Wave[ 5 ] almost equal to greater than Wave[ 1 ].
Does a bearish price pattern under formation at the top indicates end of Wave[ 5 ] here? Is this a start of corrective pattern A-B-C to complete the wave cycle ? If Yes then Wave[ A ] is likely to be at 10500.00 to 11450.00 levels at 0.50 to 0.618 atleast of Wave[ 5 ]. This is just a view. Need to keep close Watch....
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