After the decline from 10000 + level it seems that we had a 5 legged down movement which seems to be followed by a Triangle, since triangles can not appear in Wave 2 positions hence the most likely possibility is that Nifty will see another leg down from here on as a Wave C down once the level of 9784 is broken which is also the low of Wave D in the Triangle Wave B (Circled).
If things proceed as expected then we can expect Wave C to reach targets : T1 : 9632 T2 : 9460
In the upcoming sessions. I would also like to point out here that triangles can become more complex then expected and hence it might be possible that this structure might still be progressing, hence strict Stop Losses must be used and a less aggressive trading approach would be more suitable in this situation. I will update further as this market progresses
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Low Probability Alternate Bearish Count in Green :
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*Bullish Count in Green.
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Updated Count : Looks like a Flat correction may be going on, however if the level of 10090 is taken then the view turns bullish and I will have to take another look.
Thanks for detailed analysis
The triangle formed has a target of 10050, that may extend to 10150, if the broader triangle is taken into consideration.
So, IMO, alternate counts may take lead.
Keeping todays move in mind. Should we assume that down move has been arrested for the time being.
If so then for how long.
Please comment