Morning !
As per my previous post NIFTY AND BANKNIFTY UPDATE 8TH AUGUST 2018 .
I mentioned "I would advise booking profits in your portfolios and start sitting in cash for the upcoming fall, which should be the fall which is of greater magnitude when compared with the fall from 11171 and 8968 in January 2018 and September 2016 respectively"
As per anticipation this rise first looked like an impulsive rise in form of 5.1,5.2 and 5.3 and hence the anticipation was for 11825-12025.
I have been waiting long enough to post something, since i was not getting enough clarity. I was sure about the upcoming fall when i posted on 8th August that it is going to be of a bigger degree. It happened the way anticipated, but the wave structure turned out to be complex of further higher degree.
Posting the revised counts again:
BIGGER DEGREE WAVE COUNTS
WAVE I: 849.95-6357
WAVE II: 6357-2252 (This is a sharp fall in wave 2) This took 10 months
WAVE III: 2252- 11171
NEXT DEGREE WAVE COUNTS WITHIN WAVE III:
WAVE 1: 2252-6338 (4085 Points)
WAVE 2: 6338-4531
WAVE 3: 4531-9119 (4588 Points) Wave 3 is usually the biggest amongst 1,3 and 5
WAVE 4: 9119-6825
WAVE 5: 6825-11171 (4345 Points)
Further below are internal wave counts of the above WAVE 5 (6825-11171) in action.
WAVE i: 6825-8968 (2143 Points)
WAVE ii: 8968-7893 (50.16% retracement of Wave 1)
WAVE iii: 7893-10137 (2244 Points)
WAVE iv: 10137-9687
WAVE v: 9687-11171 (1484 Points)
Now the fall from 11171 is of three degrees (WAVE III-5-v) hence the correction zone would be in the previous wave 4 i.e., 9119-6825. Also as highlighted above for WAVE II, which was a sharp fall, hence the current fall is WAVE IV which should be sideways and/or flat.
The WAVE IV is currently of a complex sideways corrective format, which is irregular in nature. Below is the bifurcation of this complex sideways correction:
WAVE IV.A: 11711-9951 (From 29th January 2018)
WAVE IV.B: 9951-11760 (Irregular B corrective wave, went above start of Wave A)
WAVE IV.C: 11760- Potential 9119 bear minimum in coming First quarter of 2019)
Estimated WAVE IV time to complete is 10-13 months. Starting 29th January 2018 to March end 2019.
Below is the updated chart for NIFTY for reference of WAVE IV
Happy Trading !
