Nifty is forming corrective wave 4 of wave ((5))
Nifty has made a high at 18604 and started falling due to conclude of wave 3.
It has broken the base channel due to high selling pressure on Nifty.
The following terms confirm the nifty pullback.
- The common Fibonacci retracement of wave 4 is 38.2%. Nifty has entered the 38.2% retracement level. It seems like the reversal is ahead.
- Wave equality (A = C)
Wave C is 100% of wave A and vice-versa. If nifty breaks the previous low, then it can reverse between 100% to 161.8% range.
The corrective wave can complete if it sustains in the channel trendline.