Price has opened with a gap up from the upper band of the parallel channel and reclaimed the 20 EMA, keeping the structure positive. This gap may signal an early Wave-3 start, but the very low ADX near 11.88 shows momentum is still weak. Until ADX rises, the move looks more like a pause or retracement than a strong breakout.
NIFTY has broken out in wave B, which is a positive sign for bulls, but this move is still part of a corrective structure where sellers usually remain active. Since wave (B) often carries a strong supply, bears can defend higher levels aggressively. The zone around 26,200 is critical, and unless price breaks and holds above it decisively, this move cannot be treated as a true Wave-3 start. A clean breach of 26,200 is mandatory to shift the structure from corrective to impulsive.
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whats your view today next resistant?
sir your view on VEDL and Hindcopper🙏
Nice chart! Thanks for sharing.