EW analysis of Nifty

I am considering 2009 dip as the starting point for the analysis. So as per the analysis, sub wave iii of wave (v) of wave [iii] is either going on or completed.

now, wave iii is at the 100% fibo extension in.tradingview.com/x/Ht9HlEPf/.

here is a probable count for the fractals of wave iii,which suggests that wave iii is complete and iv is started https://here.https://in.tradingview.com/x/vVGsGLxT/,

regular bearish divergence formed recently, which is suggesting that wave iii is completed. in.tradingview.com/x/REK9x3se/,

occurrence of flat correction is high in wave iv, and it seems, a flat correction has started here. but flat corrections don't do deep retracement, here are the retracement levels to watch for

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price bounced from horizontal support

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probable move in weekly, in.tradingview.com/x/58piKQa5/,
wave iv can push the price to 9200-9600 level.

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after wave iv , last leg of impulse i.e. wave v can take the price towards 10800+ levels.

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here is the probable move in monthly time frame

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there was a nice bounce from the horizontal support,

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now nifty looks bearish, trend line support broken , then it tried to retest the broken trend line , and bearish engulfing formed while retesting it.

ParamjitMahapatro

Aviso legal

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