Hi Guys,
From last from last 1 month, we have seen a nice bull run and it broke the previous which is a nice thing. But what next???... Let's find out.
In my last post about nifty, I actually miscounted the waves(couldn't differentiate the 3rd and 5th wave) but now it is clear, at least for now.
That's the difficult part about the prediction with only chart analysis, You only can have the idea about what's going to happen from the past patterns but you can't really be sure about it(you can't really have the exact idea from fundamentals also). We can only work on what-if scenarios.
So According to the current situation, we are in the 5th wave of the bigger wave which was started in March.
Let's dig up the 5th wave(which also have 5 waves)
1st wave was started in March and completed in May.
2nd wave, which was basically a pennant formation which generally forms in the 4th wave but here it formed the 2nd wave which leads 3rd wave exactly equals to the first in most of the cases(generally 3rd wave is 1.5 times bigger than 1st wave)
3rd wave, There are 2 scenarios for that either it is completed on 9th August at 11495(which was almost equaled to the length of the first wave) And the 4th wave is started or it is going to around 11850(which will be decided if it is able to break 11550 level)
4th Wave if it is started then we are going to 11000 level soon, 11170 can be a small support level.
The 5th wave will be decided according to 4th wave.
From last from last 1 month, we have seen a nice bull run and it broke the previous which is a nice thing. But what next???... Let's find out.
In my last post about nifty, I actually miscounted the waves(couldn't differentiate the 3rd and 5th wave) but now it is clear, at least for now.
That's the difficult part about the prediction with only chart analysis, You only can have the idea about what's going to happen from the past patterns but you can't really be sure about it(you can't really have the exact idea from fundamentals also). We can only work on what-if scenarios.
So According to the current situation, we are in the 5th wave of the bigger wave which was started in March.
Let's dig up the 5th wave(which also have 5 waves)
1st wave was started in March and completed in May.
2nd wave, which was basically a pennant formation which generally forms in the 4th wave but here it formed the 2nd wave which leads 3rd wave exactly equals to the first in most of the cases(generally 3rd wave is 1.5 times bigger than 1st wave)
3rd wave, There are 2 scenarios for that either it is completed on 9th August at 11495(which was almost equaled to the length of the first wave) And the 4th wave is started or it is going to around 11850(which will be decided if it is able to break 11550 level)
4th Wave if it is started then we are going to 11000 level soon, 11170 can be a small support level.
The 5th wave will be decided according to 4th wave.