Nifty – We need to consider the extension of the 1st wave finishing at minor wave 5 shown in blue. However, BEFORE the extension can commence UPWARDS we are looking at a correction by Monday or latest by Tuesday as shown above. Markets MAY even open higher on Monday but in all likelihood will be sold into.
NIFTY – INDICATIONS OF EXTENSIONS.
A 1-2, 1-2 combination, to begin with, CAN be an early indication of wave extension. Also as per the theory of FRACTALS, we have experienced wave extensions of both waves 3 and 5. How many multipliers OF AN EXTENSION, it can be determined only from the day-to-day analysis. Suffice it to say that we are on a bull run MOST PROBABLY and within this bull run we will have a correction within the next two days in all likelihood.
PLEASE READ THE DISCLAIMER BELOW.