Nifty heading to 16600 level

1 thg 12, 2021

As per present scenario, Corrective wave (WXY) is underway in the nifty . During corrective wave nifty has given move to the points, which are exact fibonacci retracement point. Like wave (b) of wave W has exactly retraced to 0.618 and the same is with wave X. with such precedent, it is most likely that nifty should touch 16605 which is 1.618 extension of wave w and at the same time sub wave (c) of wave Y will become exactly equal to wave sub (a) of wave Y. If nifty move lower than the 16605, then it can't be a corrective wave and nifty trend will change.
caution : Corrective wave is always contained within parallel line, but nifty have moved out of parallel lines and indicating a impulsive move, then this will be change of trend and the present move would be impulsive, which take it much lower.

Disclaimer : This for education purpose only