Nifty's rally from Mar '20 topped out on 18/Oct/21 at 18594 (near month futures contract) - almost a year ago.
Since then we can clearly see a sideways move that has gone within the earlier range for almost a year. One can see the subdivisions tracing out a complex W-X-Y correction. The upmove from 15676 starting early Mar this year topped out last month at 18123 completing the intervening X wave.
The down-up move since 12/Sep/22 subdivides as 5 waves down followed by a 3 wave upside correction. This is now setup for a resumption of the down move in Wave 3 - should be surprisingly fast and deep when it comes , heading to the 13300 - 15100 region.
The view stands as long as the the recent high of 18123 is not broken on the upside
Since then we can clearly see a sideways move that has gone within the earlier range for almost a year. One can see the subdivisions tracing out a complex W-X-Y correction. The upmove from 15676 starting early Mar this year topped out last month at 18123 completing the intervening X wave.
The down-up move since 12/Sep/22 subdivides as 5 waves down followed by a 3 wave upside correction. This is now setup for a resumption of the down move in Wave 3 - should be surprisingly fast and deep when it comes , heading to the 13300 - 15100 region.
The view stands as long as the the recent high of 18123 is not broken on the upside
Michael @ SolomonsView
Twitter - @SolomonsView
Twitter - @SolomonsView