NIFTY ANALYSIS – In all likelihood, we have completed the correction as a flat correction into wave 4 WITHIN the orange rectangle I had drawn before. Though the ending triangle is almost symmetrical, I have used different evidence to support the completion of the undergoing flat correction.
1. INCREASED VOLATILITY IN THE LAST WAVE IN THE TRIANGLE
2. WAVE A AND WAVE B are clear 3-wave moves.
In case we fall below the point marked C, above, the whole above FLAT CORRECTION, the scenario is discounted, and we will take the symmetrical triangle as a running one in a falling market.
So the key point to observe is yesterday’s low…
In any case, even if we are considering a running triangle, we are still in a bull market, though we may again correct after going up today.
Two alternatives for today are given below
1. In the case of a running triangle we, need first to go up 100-200 points and then correct.
2. flat correction is completed and we will see an upside from here
NIFTY – WHAT THIS MEANS
We are onto a bull run where in all likelihood we have completed the flat correction. The worst-case scenario WITHIN this bull market is that we MAY correct further, though a pullback is expected 1st.
BOTH CASES ARE POSITIVE.