Hi Friends,
In my last post I mentioned about Head & Shoulder breakdown on Nifty. As mentioned Nifty is in complex correction in WXY.
Currently Nifty seems to be in 'X' wave of the complex correction; which is further subdivided. Nifty seem to have completed 'b' wave of X at 7551. It may bounce to 8110 in 'c' wave of X if Bulls mange to cross 7765-7815; else it may continue its decline to 7490-7440 or lower. Until Nifty stays below the Channel Resistance near 8110-8180 it may further continue it's decline to 7200 and 6800 in 'Y' wave of the complex correction. Only a sustained move above 8180 would be an indication of end of downtrend. And hence, I would look for any alternate wave count only above 8180.
The current decline is similar to the correction of 2011. Indian Market generally witnesses a major correction of approx. 30-40% in every 7-8 years. And it is observed that the corrective phase generally lasts for 11-13 months. Nifty Topped out in March 2015. So the current decline may last till April 2016; and Nifty may bottom out near 6800.
April 2016 may bring once in lifetime opportunity to Invest in Equities. So lets wait and watch.
Thanks & Regards,
Harsh Dixit.
In my last post I mentioned about Head & Shoulder breakdown on Nifty. As mentioned Nifty is in complex correction in WXY.
 |
| NIFTY |
The current decline is similar to the correction of 2011. Indian Market generally witnesses a major correction of approx. 30-40% in every 7-8 years. And it is observed that the corrective phase generally lasts for 11-13 months. Nifty Topped out in March 2015. So the current decline may last till April 2016; and Nifty may bottom out near 6800.
April 2016 may bring once in lifetime opportunity to Invest in Equities. So lets wait and watch.
Thanks & Regards,
Harsh Dixit.
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