Nifty50 Downside move coming in next 1-2 days
Updated
Here on the chart few important points can be noted:
1. After down move from top Nifty made a low and started moving up. This downmove i think is impulse wave 1.
2. Yesterday(21-10-2022) market started moving up which is more of a part of index management and position roll overs for big players as well as potential trapping for others. This i believe to be correction wave 2 in A-B-C format.
3. All the trend lines drawn are just clones of first moves(first blue line is just cloned for speculating further downside and first orange line is cloned to get the upside limit in this correction wave).
4. So approximate time we get from that for reversal is today(24-10-2022) last hour or tomorrow(25-10-2022) morning first hour.
5. Also if we are to go by these levels probable expiry will be above 17450. Watch out for lower levels if fear sets in and more selling happens.
6. Good luck have fun!
NIFTY
1. After down move from top Nifty made a low and started moving up. This downmove i think is impulse wave 1.
2. Yesterday(21-10-2022) market started moving up which is more of a part of index management and position roll overs for big players as well as potential trapping for others. This i believe to be correction wave 2 in A-B-C format.
3. All the trend lines drawn are just clones of first moves(first blue line is just cloned for speculating further downside and first orange line is cloned to get the upside limit in this correction wave).
4. So approximate time we get from that for reversal is today(24-10-2022) last hour or tomorrow(25-10-2022) morning first hour.
5. Also if we are to go by these levels probable expiry will be above 17450. Watch out for lower levels if fear sets in and more selling happens.
6. Good luck have fun!
NIFTYTrade closed: target reached
Target reached exactly. Now trend based fibonacci retracement gives us next target as 16679.65 which could probably come by 29Aug2022.Trade active
Next target - 16679.65
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