NIFTY moved down in the fourth wave and bounced up from the red line as expected (see below). It appears to have now completed the fourth wave. NIFTY could move up in the fifth wave (magenta) in October, which could take NIFTY up to 12200-12300. However, if NIFTY crossed the red line and confirmed it as resistance then this wave count will be invalid and further downside would be expected.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Previous analysis indicating a downward trend in NIFTY:
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Previous analysis indicating a downward trend in NIFTY:
ノート
There you go!ノート
NIFTY pierced the red line and then bounced back very strongly to form a sort of hammer pattern. It is a very good sign but we are not out of the woods yet. NIFTY will have to break the red downward channel shown in the following chart to confirm a reversal. PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
ノート
The wave structure in this idea is now invalid. I had mentioned previously that "...if NIFTY crossed the red line and confirmed it as resistance then this wave count will be invalid and further downside would be expected." Floodgates opened as soon as NIFTY opened with a gap below the red line.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
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