The trend is down , though markets MAY move sideways today. An upward pullback can happen once the markets touch 18050 or so. Presently the full fall looks like a 5 wave move OR a wave A which HAS NOT COMPLETED , but should complete in another 100-150 points or so.
In the initial stages of the fall ,it is best to follow the fibbonacci levels which I have given above.
FIBBONACCI LEVELS
In Elliott Wave Theory, the market patterns are believed to reflect the psychology of the market participants, and the Fibonacci sequence is used as ONE OF THE tools to identify potential points of market reversal or continuation. Fibonacci retracement levels, derived from the Fibonacci sequence, are commonly used to determine support and resistance levels in financial markets. In my personal experience , these levels do come correct at least 80 percent of the time.
Interestingly fibbonacci sequence has a deep inherent mathematical connection with nature( the way almost every physical form is structured).
NIFTY Opening On 19th May 2023