Did you read my previous research report on Nifty 50?
Click Here: IS NIFTY PREPARING FOR AN ALL-TIME HIGH?
In the previous article, I mentioned that the price was about to complete its Impulsive wave 3, and wave 4 was about to start. We also took entry and booked two targets on August 26, 2022.
It is noted in the previous research report that wave 4 has retraced 38.2%. We can see the three corrective sub-waves of wave 4. Sub-wave (c) has traveled 100% distance of wave (a). Hence, wave (a) = wave (c)
We can clearly count sub-waves of the 4th wave, but we shouldn’t take entry blindly. Wave C of wave 4 occurred in 17183. If the price breaks down this level, the price will take support at the following levels: 16931 – 16823.
Do carefully watch these levels because This may give us a good entry with small stop-loss. Intraday traders are possible on both sides as per opportunity. Currently, we can’t see any clear sub-waves of wave 5, or we could have taken entry above the high of sub-wave 1 of the 5th wave. Safe traders shouldn’t enter until it creates sub-waves of wave 1.
Traders can use confirmation as wave (b) at 17725. If the price breaks the parallel channel and sustains above wave (b) of wave 4, traders can trade for an all-time high. Price will continue falling until it breaks out the corrective channel.
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