Just trying to share my wave counts on Nifty daily charts. At start I want to make a disclosure that I am not a wave expert and I might be wrong. So if there is any mistake please notify me.
From 23rd march low off 7511 Nifty made a high of 9038 which can be considered as a wave I. Nifty then retraced almost 61.8% of that move by going down to 8055. This can be considered as wave II. After that Nifty moved to 9889 by end of of of April which can be considered as Wave III. In this Nifty extended beyond 161.8%. From 9889 Nifty fell to to 8806 which is around 61.8% retracement of Wave III. So this can be considered as Wave IV. So currently now we are in a wave V, which should end in between 10144-10557. Above 10144 Nifty can extend to 10300 to 10500.
From 23rd march low off 7511 Nifty made a high of 9038 which can be considered as a wave I. Nifty then retraced almost 61.8% of that move by going down to 8055. This can be considered as wave II. After that Nifty moved to 9889 by end of of of April which can be considered as Wave III. In this Nifty extended beyond 161.8%. From 9889 Nifty fell to to 8806 which is around 61.8% retracement of Wave III. So this can be considered as Wave IV. So currently now we are in a wave V, which should end in between 10144-10557. Above 10144 Nifty can extend to 10300 to 10500.
Very Good Bro.So after the fifth wave (10144-10557).One can expect a Correction wave a,b,c right?
ReplyDeleteThough i do not much about EW theory. but ideally it should and probably wave a and b are done and in wave c
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