In the chart above I have shown the Nifty wave “c” unfolding downwards as part of a flat correction. The downward movement should be swift and should finish in 3-4 days. However, confirmation of the exact bottom will come only with subsequent wave counting.
PLEASE SEE THE BELOW CHART FOR ONE OF THE NIFTY PROBABILITIES
In the 2nd chart above I have shown one of the many probabilities by which the markets will move down and complete the “C” wave of the EXPECTED flat correction. Today markets MAY remain subdued and EVEN try to climb higher. In case this happens, the upward move will be taken as part of the impulsive wave down, in which case the upmove may fizzle out even during the day.
CHARACTERISTICS OF “C” WAVE IN A FLAT CORRECTION
The c Wave in a flat correction usually is the longest, BUT at times can be short too in case of a running flat. As the previous impulsive wave has been AN EXTENDED one, need to give equal weightage to the running flat and the extended flat.
Volume tends to be higher during the C wave, which reflects the strong selling pressure from traders to take advantage of the final leg down.
In a nutshell, we have commenced the correction down, which MAY not be too large in any case.