NIFTY Opening On 18th Jan 2024
Yesterdays fall , led by HDFC BANK , is a LIKELY pointer towards completion of the MINOR wave 5, as shown above in the 2nd chart.
I have drawn various fibbonacci levels to indicate the various likely supports, minimum being 21330.
Wave 5 was a culminating triangle and the minor wave 5 completion in the chart points towards completion of WAVE 1 and correction towards wave 2 (most likely within the orange rectangle.)
However, we need to see progress of the waves as we go along.