Yesterday I had mentioned two aspects of my current analysis
1. We are in a bull run
2. The correction will take the shape of EITHER a single zigzag or a triple zigzag.
In the present outlook, I am taking into consideration only a single zigzag and the bottom made yesterday , in all probability should hold.
REASONING FOR ABOVE
1. Confirmation from Other Technical Indicators:
Confirmation from other technical indicators, such as trendlines, oscillators, or chart patterns, can help validate that a single zigzag has completed the correction. These indicators can provide additional signals of a potential trend reversal.
2. The bottom made yesterday falls exactly at the fibonacci level of 61.8 percent.
However above cannot (and should not) validate the commencement of bull run hundred percent. We do require confirmation in next few hours of price action. However whatever the case may be, (more zigzag down) we have EITHER commenced the bull run OR the bottom is not too below the bottom already made.
NIFTY Opening On 26th May 2023