Nifty Seems to have lost steam and turned down swiftly in the afternoon. Currently we can see multiple probabilities at work.
1. Nifty has not reached the equality target of the wave b (a=c) but turned down instead. This could be that the wave b up was turning out to be a flat correction and yesterday's move at or beyond 5637 was the wave b of b. Which means another wave up is required to complete this wave b. We can observe this up move - if this turns out to be an impulse which targets 5635.65+ (84x0.618 = 51.912) = 5687.562 or a=c which will take it to near 5719.25.
2. Current down move is the wave c and has completed wave 1, 3 and now a retracement in wave 4 to be in play. This may go up to 5683.00
3. Retracement of the basic fall from 5815 up to 5747 @ 61.8%
Interesting thing to note is yesterday's fall looks like took support at the double bottom!
Nifty Daily chart:
Nifty Hourly chart:
Nifty 5 min chart:
Nifty hourly chart with 9,14 RSI & 35 D:
Nifty hourly chart with ATR:
1. Nifty has not reached the equality target of the wave b (a=c) but turned down instead. This could be that the wave b up was turning out to be a flat correction and yesterday's move at or beyond 5637 was the wave b of b. Which means another wave up is required to complete this wave b. We can observe this up move - if this turns out to be an impulse which targets 5635.65+ (84x0.618 = 51.912) = 5687.562 or a=c which will take it to near 5719.25.
2. Current down move is the wave c and has completed wave 1, 3 and now a retracement in wave 4 to be in play. This may go up to 5683.00
3. Retracement of the basic fall from 5815 up to 5747 @ 61.8%
Interesting thing to note is yesterday's fall looks like took support at the double bottom!
Nifty Daily chart:
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