Nifty-Yesterday I had given a possibility of markets correcting till 19600 (the blue alternative) WITHIN its journey upwards. This is towards the completion of wave 4.
Has the wave 4 completed or a little more ratcheting down of the markets remains. There is a strong possibility of the markets correcting further in formation of a triangle as shown above, BUT NOT BEFORE GOING UPWARDS as shown.
REGARDING WAVE FOURS.
Wave 4 in its completion can take some time. This time can be spent in either a FLAT CORRECTION or a triangle. Flat correction is ruled out so a triangle formation now is very much a possibility.
The pattern indicates a period of consolidation and indecision in the market. This updown movements which are repeated, signifies struggle to establish control between buyers and sellers.
As the triangle progresses , the RANGE between the highs and lows becomes lower. This contraction indicates a decreasing willingness to take control on either side until the sellers in an ongoing bullish trend give way.
WHAT ABOVE MEANS
We are still in the PROCESS of correcting. However this correction is within the ongoing bull run. Within this correction strong possibility of markets going up at first as shown above and then OSCILLATING downwards WITHIN the triangle as shown above.