Nifty 50 analysis for 29 Oct
The waves have been marked on chart for easier assimilation .. While marking, I have basically taken two scenarios into consideration
Case 1 (Marked in black) . Correction of Wave 1 is a flat/extended flat correction and Wave C shall unfold as a rally towards level of 11960.
Case 2 (Marked in red) . Correction of Wave 1 (Wave 2) is complete and what we witnessed today was unfolding of Wave 3, with probably, its Wave i & iii already completed today.
Personally, I'm more inclined to Case 2. Expecting Nifty to open either flat or gap down. If it opens flat, it may continue with downward movement till the second support zone marked on chart, completing Wave v of Wave 3. Also do note that, today was the consecutive 9th inside bar of the 15 Oct bearish candle. So expecting a breakdown tomorrow. However, Nifty is likely to take support from the zone marked and may give a retracement as marked . Likely important time zone (1230 -1245 hrs) has also been marked.
Note - views expressed are personal n for educational purposes only. Consult your financial advisor before trading instruments
Case 1 (Marked in black) . Correction of Wave 1 is a flat/extended flat correction and Wave C shall unfold as a rally towards level of 11960.
Case 2 (Marked in red) . Correction of Wave 1 (Wave 2) is complete and what we witnessed today was unfolding of Wave 3, with probably, its Wave i & iii already completed today.
Personally, I'm more inclined to Case 2. Expecting Nifty to open either flat or gap down. If it opens flat, it may continue with downward movement till the second support zone marked on chart, completing Wave v of Wave 3. Also do note that, today was the consecutive 9th inside bar of the 15 Oct bearish candle. So expecting a breakdown tomorrow. However, Nifty is likely to take support from the zone marked and may give a retracement as marked . Likely important time zone (1230 -1245 hrs) has also been marked.
Note - views expressed are personal n for educational purposes only. Consult your financial advisor before trading instruments
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