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Wave Analysis On Nifty

Updated: Sep 18, 2019



From the high of 12102 made on 3rd June 2019, pattern of decline looks like impulse. If it is impulse it may be an irregular wave on larger time frame. Let’s focus on fall from the top of 12102


We can see that major 1 completed at 11625 and 2 completed at 11981. Major 3 is still in progress because wave 5 of 3 is not in impulse structure. Wave 1 of 3 is completed at 11461, 2 completed at 11706, 3 completed at 10782 and 4 completed at 11181. After that there are multiple overlapping waves with 3 wave structure. This indicates high probability of Ending Diagonal(ED) in progress for wave 5 of 3. Let’s see fall from 11181 in detail.



From the high of 11181 we can see overlapping waves as abc for 2 times now. There is a fall of 395 point from 11142 till 10747. This can be a of abc cycle of ED. This means b of abc has started and it can go till 10944 to 10990. It can fall from the current level also. But we cannot say surely that current progress of b of abc is completed. So I would like to wait for further confirmation. If these counts are correct, Nifty should travel below 10599 for minimum requirement of progress of ED.

At present 10944 to 10990 is a good selling zone for the target below 10599. Whole structure of ED is negated if Nifty breaks above 11142.

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