NIFTY - EW ANALYSIS

Hi Friends,

In my last post I mentioned about Head & Shoulder breakdown on Nifty. As mentioned Nifty is in complex correction in WXY.

NIFTY

Currently Nifty seems to be in 'a' wave of Y of the complex correction; which is further subdivided. Nifty seem to have completed extended 3rd of 'a' wave at 7540. It may bounce to 7850-7900 in 4th of 'a' wave and continue its decline to 7490-7440 later. Until Nifty stays below the neckline around 8000 it may further continue to decline to 7200. Only a sustained move above 8000 would be an indication of end of downtrend. And hence, I would look for any alternate wave count only above 8000.


Thanks & Regards,

Harsh Dixit.