Nifty has accomplished its double three correction (w) – (x) – (y). Price had risen rapidly after the completion of wave c of wave (y).
According to the wave principle, Nifty can only confirm its trend after breaking wave (x) of a complex correction. So, the price must have sustained above 18111. It is also a higher low, and the price may face resistance from this level.
If the price fails to sustain above 18111, nifty can start a correction up to 38.2% retracement of the wave. The length of the impulsive wave 3 is 2.618% of wave B.
Upward move is limited to 18111, and the price has to confirm the Bullish momentum by sustaining above this level. Failure may start 4th wave correction.
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