Nifty – Yesterday’s price action warrants a relook at the size and nature of the correction. We are very much in the 5th cycle wave bull run BUT the present ongoing correction MAY be a bit more deeper.
In the above chart, I have given two alternative counts in red and blue. The red one, the top is assumed as wave 3 and now wave 4 is ensuing. In the blue count, we have wave 1 complete and wave 2 is ensuing.
In both cases see a larger correction as shown by the orange rectangle.
NIFTY Opening On 11th August 2023