After completing corrective wave 4, Nifty has begun forming impulsive wave 5. Price couldn’t close above wave x at 18111 and end up losing the bull’s interest. After the completion of wave 5, we have seen a downward move of 803 points.
Nifty is moving towards its support level of 17182. It is also at 38.2% retracement level and low of wave 4. It is important to note that previous wave 4 causes the corrective structure to end at that point. If the price sustains above 17180, traders can buy for the following targets: +.
There was a return to the major parallel channel for the price. For bulls, this is not a good sign. If the price fails to hold this support, sellers will drive the price to the next support level 16800.
I will update further information soon.
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