NSE NIFTY has formed corrective formation A-B-C flat on the 2-hour timeframe chart. The price is trading at 20 EMA and below 50 EMA. The RSI of the price rose to 47. The correction is almost eight weeks old.
In this corrective structure, Nifty has accomplished wave (A) at 19253 with the sub-structure of double three. Likewise, Wave (B) was an expanded flat, which occurred at 20222.4. Price has started assembling final wave C, where the Nifty reached 1.618 Fibonacci territory.
NSE NIFTY has to break the corrective channel and sustain the above sub-wave 4. 19251 is the crucial support for nifty, and the breakdown will lead to a massive sell-off. It’s a situation where both sides of the coin matter.
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