It appears that Wave 3 might have got completed on 19 Aug at level of 11460 ... The entire movement from thereon till date appears to be corrective ... From pattern it also appears that the first corrective leg emerged as a extended flat correction ... Point to note here is the high made by Nifty of 11794 is not the top of the flat pattern, instead the top of the pattern is 11585 ... However the entire corrections appears to be far from over ... Expecting a Wave X in the direction of motive wave to unfold starting 07 Sep onwards ... Hence for 07 Sep my view on Nifty is bullish .. Wave X should find resistance at levels of 11540 and then the downward correction should continue.
Note - Views expressed are purely personal and solely intended for educational purposes. Same may not be used for trading instruments
Note - Views expressed are purely personal and solely intended for educational purposes. Same may not be used for trading instruments