Most of the world markets are showing rebound from the yearly lows in an abc consolidation pattern.
Even Nifty is showing the same pattern on hourly charts. For the next week expecting a range bound move around 9000 levels, may be a slight upside and then a reversal for a bear rally for new lows in coming weeks.
As Nifty is still trading above it’s hourly level of 8700, looking for longs on lower time frames above 9050 levels.
Once Nifty closes below 8700 level on hourly basis, would look for shorts for a 1000 point drop.
My EW count for Nifty is we are in wave 4 of wave C of major Wave 4 correction.
Even Nifty is showing the same pattern on hourly charts. For the next week expecting a range bound move around 9000 levels, may be a slight upside and then a reversal for a bear rally for new lows in coming weeks.
As Nifty is still trading above it’s hourly level of 8700, looking for longs on lower time frames above 9050 levels.
Once Nifty closes below 8700 level on hourly basis, would look for shorts for a 1000 point drop.
My EW count for Nifty is we are in wave 4 of wave C of major Wave 4 correction.
