Corrective ABC on nifty on the daily time frame... B has retraced beyond the 76.4%in WXY pattern .
If its the starting of the C leg down ... it should be in a 5 wave down.. seems we have already started the move in the form of 1st wave being a classing abc first leg down.
once the wave 1 and 2 of C is finished we should get the entry point for our short to get to C in 3,4 and 5 waves and 5th cud be in the form of an ending diagonal .
Lets wait fr the initial wave count to play in before we enter the short trades.
But if any one wants to jump the gun .. wait fr nifty to close below 10770 fr 2 consecutive day. Stop will be 11200 tgt 9500 intial.
If its the starting of the C leg down ... it should be in a 5 wave down.. seems we have already started the move in the form of 1st wave being a classing abc first leg down.
once the wave 1 and 2 of C is finished we should get the entry point for our short to get to C in 3,4 and 5 waves and 5th cud be in the form of an ending diagonal .
Lets wait fr the initial wave count to play in before we enter the short trades.
But if any one wants to jump the gun .. wait fr nifty to close below 10770 fr 2 consecutive day. Stop will be 11200 tgt 9500 intial.
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invalid wave count ... seems B is still in the making.... lets wait fr ...