Nifty Interesting Observations.Nifty - There has been an interesting symmetry observed in the #nifty from the Covid Lows.
1) Rally (1) started on 23 March 2020 (7511) and continued till 18 Oct 2021 (18604) rallying almost 11903 Points with minor corrections in between. After a strong rally index corrected entered in a correction Phase.
2) The correction started after hitting the highs at 18604 and last for over a month declining by about 3420 points from the highs. The correction ended on 13 Jun 2022 forming bottom at 15183 levels.
The correction ended around 100 Weekly EMA and then it started next leg of upmove.
3) Here's an interesting point.
The Rally (2) started on 13 Jun at 15183 and continued for nearly 2 years and topped at 26277 on 23 Sept 2024.
Here if we calculate at distance , The rally 2 also rallied almost 11903 points (which was the same points in Rally 1 as discussed above)
4) The index is in the corrective Phase and has nearly dropped over 10 percent from the Peak so far.
Following the Price symmetry and the price action the correction phase is likely to expand and shall decline 3420 points (which was the case in earlier correction phase) OR
Correction likely to extend further to test the 100 Weekly EMA which was observed in the earlier Corrective Phase (1) which ended near the 100 Weekly EMA.
Do you AGREE !! What's you view ?? Will appreciate if you to share you analysis ....? :)
