As mentioned in my previous Nifty post, we are in all probability into the BULL RUN, where we have completed the correction to the 1st impulse wave around 20th May and are now into the 1ST WAVE OF THE 3RD.
Presently we may be having an expanded flat correction shown in blue.
EXPLANATION OF NIFTY FLAT CORRECTION
A flat correction usually retraces less of the preceding impulse wave than does a zigzag. It tends to occur when the larger trend is strong, so it virtually always precedes or follows an extension. The 1st impulse wave, as I had mentioned before had its 3rd and 5th wave extended. The more powerful the underlying trend, the briefer the flat tends to be.
WHAT TO EXPECT
Possibly an expanded OR even a running flat.
IN A NUTSHELL
We are now due for a correction and should correct it within a day or two. This correction should not be large IN ALL PROBABILITY.