Of course but it does not appear to be straight .
Only 3 days decline has brought down nifty from 18350 to low of 17648.
Two possible wave counts I have shown in the chart
in 1 st case it is 4 th wave retracement and it has exactly bounced from prior 4 th wave of 3rd wave
in ideal condition that happens in most cases.
in 2 nd wave count it seems 5 th wave is completed by that I don't mean the final fifth wave
it may be 1st wave of final fifth wave and following wave is 2 nd wave retracement.
which one is correct it will be obvious in coming two to three days,
whatever it may be but if nifty bounces from here it may not be straight. Considering 1st case it is 4 th wave retracement,
trading 4 th wave is always a tedious task compared to 3 rd wave or 1 st wave
and in this case the 2 nd wave appears to be simple and 2nd wave had retraced not more than 38.6 percent(shown as zigzag in the chart)
at present this 4 th wave has also corrected around 38.6 percent it may not be simple and of same degree of retracement.
of course I am bullish but not hyper bullish.
Coincidentally both Dow and Nasdaq are bouncing from 200 dma where as nifty is bouncing from 20 dma.(if we assume that it has bounced)
Of course we should be happy to observe this but the fii and dii figures not supporting that.
don't forget to like this post and follow me to get updates.
Only 3 days decline has brought down nifty from 18350 to low of 17648.
Two possible wave counts I have shown in the chart
in 1 st case it is 4 th wave retracement and it has exactly bounced from prior 4 th wave of 3rd wave
in ideal condition that happens in most cases.
in 2 nd wave count it seems 5 th wave is completed by that I don't mean the final fifth wave
it may be 1st wave of final fifth wave and following wave is 2 nd wave retracement.
which one is correct it will be obvious in coming two to three days,
whatever it may be but if nifty bounces from here it may not be straight. Considering 1st case it is 4 th wave retracement,
trading 4 th wave is always a tedious task compared to 3 rd wave or 1 st wave
and in this case the 2 nd wave appears to be simple and 2nd wave had retraced not more than 38.6 percent(shown as zigzag in the chart)
at present this 4 th wave has also corrected around 38.6 percent it may not be simple and of same degree of retracement.
of course I am bullish but not hyper bullish.
Coincidentally both Dow and Nasdaq are bouncing from 200 dma where as nifty is bouncing from 20 dma.(if we assume that it has bounced)
Of course we should be happy to observe this but the fii and dii figures not supporting that.
don't forget to like this post and follow me to get updates.
completed) then there can be analogy between two 2nd waves then case may be different..