Nifty Waves - 1st Wave Extension - 3rd May 2022 - Updated
Hi,
As per my earlier analysis on Nifty dated 27th April 2022, I had put forth the theory of 1st Wave extension.
As of today...it seems Nifty has obliged with all the rules and the correction which started from the top of 18350 on 18th January 2022, has completed on 2nd May 2022 or might complete in coming 2 days.
**This view stands negated once Nifty starts trading below 16800.
Bullish Scenario :
If the correction is over, we can expect one more upmove towards 18500+ by September end or by october this year.
Bearish Scenario :
If 16800 is broken, and nifty starts trading below it, we might have a bigger correction on hand, which might take nifty to around 14700 to 14000 levels, but it would be a roller coaster ride, which might take around 300+ days of correction.
My view is of bullish scenario, will take another view by wednesday or thursday for better understanding.
Disc : For Educational Purpose Only.
Neo
As per my earlier analysis on Nifty dated 27th April 2022, I had put forth the theory of 1st Wave extension.
As of today...it seems Nifty has obliged with all the rules and the correction which started from the top of 18350 on 18th January 2022, has completed on 2nd May 2022 or might complete in coming 2 days.
**This view stands negated once Nifty starts trading below 16800.
Bullish Scenario :
If the correction is over, we can expect one more upmove towards 18500+ by September end or by october this year.
Bearish Scenario :
If 16800 is broken, and nifty starts trading below it, we might have a bigger correction on hand, which might take nifty to around 14700 to 14000 levels, but it would be a roller coaster ride, which might take around 300+ days of correction.
My view is of bullish scenario, will take another view by wednesday or thursday for better understanding.
Disc : For Educational Purpose Only.
Neo