Is it a reversal in NIFTY?

If we observe the daily chart of NIFTY, a pattern like Morning Star can be seen near the 161.8% retracement level. Also, as per our previous study, the recent fall was wave (Z).
The minimum target for it is 38.2% extension (which is a failure wave (Z) because most of the time, it is seen that wave (Z) is a failure or truncated).

So, we can have a risky buying opportunity here with a small stop-loss below the recent low. Or, if one wants to play safe, he may have his stop bellow 61.8% (21662) level.

The near target will be the bottom of wave (Y), i.e., 22786.90

This analysis is based on the Elliott wave theory and Fibonacci.

This is not any buying recommendations.

This analysis is for educational purposes only.