Nifty – The markets came to a touching distance of an all-time high and then started correcting.
I have given the above two possibilities in orange and purple.
Nifty – PURPLE COUNT
In this, the full rise from 16780 is considered to be one single impulse wave. The corrected purple box made above is for the range of 18100-18400. ONCE THIS CORRECTION IS COMPLETED, WE WILL RESUME OUR JOURNEY UPWARD.
Nifty – ORANGE COUNT
In this, the rise from 18100 is seen as an individual impulse and correction therefore is shorter as shown by the orange box. ONCE THIS CORRECTION IS COMPLETED, WE WILL RESUME OUR JOURNEY UPWARDS
Both possibilities have equal weightage.
In case the markets go above the red line drawn at 18876, the above wave count is canceled and the “v” wave on the minute scale is extended (Or in that case, we will go well beyond the all-time high. )
All 3 possibilities above are BULLISH IN TREND (But may be correct). All 3 have almost equal weightage.