nifty futures tips

Nifty is preparing for the final wave V of wave C of wave (C).

Price has completed the sub-wave (iv) of wave C. Currently, we are riding on the impulsive wave V of wave C. If the price breaks the low of wave iii, traders can expect the following target of 16110 – 15978 – 15856.

After completion of final wave C, Price will start a bull run. If the price fails to break this level, the price will reverse.

More bearishness will lead the price to the lower band of the parallel channel.

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In this outlook, we are covering two scenarios that will be helpful for day traders as well as investors. We should negate the possibilities because Murphy’s law says,

Whatever can happen will happen

Shall we direct jump on the pool? Yes, shallow ends first.

After creating a high of 18600, the price has occurred a double zigzag. Currently, we are riding on the impulsive wave sub-wave 4 of wave C of complex (Y).

Wave Structure:
Wave ((W)) – 16410
+ Internal structure – Triple Zigzag
+ Fibonacci relationship – 50% of wave ((5))
Wave ((X)) – 18350
+ Internal structure – Engaged corrective wave
+ Fibonacci relationship – 100% of wave ((W))
Wave ((Y)) – New low at 16203
+ Internal structure –  Zigzag correction
+ Fibonacci relationship – 100% of wave ((w)) at 16156.

Target projection for scenario 1:

• Wave (C) can end near the 1.618% Fibonacci extension of the wave (A) at 15363.
• Wave ((Y)) can cease at 100% Fibonacci extension of wave ((W)) at 16136, but if the price breaks this level, then the next Fibonacci level is 15600.

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Perspective:

Price has completed the double zigzag correction by completing wave C of wave (Y).

Wave ((Y)) has already traveled 100% of wave ((W)). Price will start an impulsive cycle, which will be the sub-wave of wave ((5)).

Price has to confirm its bullish move by breaking wave B at 17794.

Bullish sentiments can derive a price for 19000 and more.

After creating the low of 17836, we have seen a price surge to 17623. Nifty again reached the pivot zone 17621.

If niftysustains above 17621, traders can buy for the following targets 17680-17765-17841+.

Also, a price above 50EMA indicates the presence of bulls in the current juncture.

Please note that the rejection of the pivot zone indicates that the price is not going above.

Price had broken out of the value area, and I suggested buying nifty after price entered into the parallel channel.
Price has made excess and entered the equilibrium area, where supply equals demand.

Currently, the price is on the control line. It controls the up and down movements inside it.
Nearly every up or down move in the value area stops at this control price line. It is pivotal support and resistance level inside the value area.

It is called pivotal because of how price oscillates around it.
If the price sustains above the control line, we have a butl bulllish scenario for, 17800+ as I mentioned above. But rejection of the control line will drive the price to 17226.

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