Nifty 50 correction – is it over or still going on?
Sep 10, 2024
After hitting a high of 25,333, Nifty began moving down.
On the hourly chart, we can see that Nifty has formed a Zig-zag correction.
The uptrend is most likely the formation of corrective B wave.
The B wave should complete around Fib level 78.6%.
After that, we should see the downtrend again in the form of C wave.
One of the main characteristics of a Zig-zag correction is that it fits within a channel. Also, the end of wave C often coincides with significant support or resistance levels.
You can also draw the channel on your own chart and mark significant support/resistance levels to understand the potential ending point for C wave.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
After hitting a high of 25,333, Nifty began moving down.
On the hourly chart, we can see that Nifty has formed a Zig-zag correction.
The uptrend is most likely the formation of corrective B wave.
The B wave should complete around Fib level 78.6%.
After that, we should see the downtrend again in the form of C wave.
One of the main characteristics of a Zig-zag correction is that it fits within a channel. Also, the end of wave C often coincides with significant support or resistance levels.
You can also draw the channel on your own chart and mark significant support/resistance levels to understand the potential ending point for C wave.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
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