NIFTY: New high or new low ahead?
It looks like NIFTY is in wave 4 currently.
If this counting is correct, price should not break below wave 2 (23222 level). Because according to rule, wave 4 will never be parallel or below wave 2.
It means price will eventually go in wave 5.
Now, as per this counting wave 3 is shorter than wave 1.
And rule says wave 3 is never the shortest wave.
It means wave 5 will be shorter than wave 3 here.
We may assume target of wave 5 as 24034.
But if price falls below wave 2, this counting becomes invalid.
And price may go in new low.
If this counting is correct, price should not break below wave 2 (23222 level). Because according to rule, wave 4 will never be parallel or below wave 2.
It means price will eventually go in wave 5.
Now, as per this counting wave 3 is shorter than wave 1.
And rule says wave 3 is never the shortest wave.
It means wave 5 will be shorter than wave 3 here.
We may assume target of wave 5 as 24034.
But if price falls below wave 2, this counting becomes invalid.
And price may go in new low.
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