As mentioned earlier, Wave C of the major corrective leg is unfolding.. It appears that Wave iii of Wave C is complete and it’s corrective wave a is unfolding.. Hence wave a may take it further up, followed by Wave b in downward direction and finally Wave c again taking it upwards.. expecting the correction to finish somewhere close to the resistance zone marked on chart .. Expecting Nifty to spend the entire day in this correction.. Hence view would be predominantly sideways with slight bullish inclination.
Did you expect market to fall so much today? What is the possibility in next few days?
raj0778
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@zeeshanshadab, The fall was expected however, today being expiry, as usual was expecting more of a sideways market ... Was expecting the fall for tomorrow .. but then market has its own mind ... Speaking of days ahead, it appears to be bearish ... As per my wave count, the present correction is happening for Wave 3 (8815 - 11785) ... Now for Wave 3, a correction of 23% - 38% percent is expected ... Nifty crossed the 23% mark at 11092, and now appears to be headed for 38% (10654) ... In between it may take support from any levels and reverse also, however to me, it feels highly unlikely ... Next important level would be 10500-10540, which is a strong support zone ... I feel nifty may not be able to breach this level and if it does, I would be worried ... Till Nifty reaches 10654, I would personally look forward to short on every rally ... I hope that clarifies your doubt