Nifty – I am giving/repeating above the long-term view of the cycle wave. As per this count, the 5th CYCLE WAVE is now on. The 5th cycle wave is still in its infancy and as we go along, more indications about further targets will emerge.
The 5th cycle waves, as has been discussed earlier, are BUBBLE WAVES, where economies may be expanding but real income due to inflation, etc may be going down the world over.
PLEASE SEE THE NEXT CHART FOR AN OVERVIEW OF THE PRESENT PRICE ACTION
FOR CLARITY I HAVE USED THE PRIMARY WAVE IN DIFFERENT COLORS TO DISTINGUISH EASILY – NIFTY
The markets are in extremely overbought territory. However, there has been a relentless rise in the markets till now. One indication that the markets are tiring will be a sudden increase in volatility.
As per the present zoomed-in wave count, markets still have upward legs as shown below.
As marked above we are in extremely overbought territory. However, the wave count is still showing upward bias, though we may have a correction SOON as shown above. (100-200 points)