NIFTYConsidering Global Markets, Indian Market and the price action we can currently consider following points:
1. Nifty made apparent double top which was confirmed with high volume breakdown.
2. We are currently in a consolidation phase for probable down move.
3. This is either ABC correction wave or ABCDE shaped triangle pattern.
4. 17000 has been a crucial level all along. It has been retested many times. If high volume breakdown happens from this level then we can see level of 16000.
5. If we plot trend based fib extension then we get the 100% level at 16080 which is also near the simple projection of wave 1.
6. Considering the possibility of ABC or ABCDE pattern 2 projections of primary wave are drawn which give us the lose timeframe of 28Oct22 - 2Nov22.
7. This trade becomes invalid if market sustains above 17400.
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