Nifty seems to be entering in a corrective mode.
As per Wave count it seems that we have completed 5 waves impulse nr 18700.
Considering speed at which nifty has gained this height I think next correction will take much longer as there need to be time spent at these levels.
Incase we are in correction then till march 2023 this phase is likely to last.
Significant fib levels for support are 16000, 14400, 13000 and 11750. This will bring it closer to 200 moving avg.
For connection to earlier views check related links below.
As per Wave count it seems that we have completed 5 waves impulse nr 18700.
Considering speed at which nifty has gained this height I think next correction will take much longer as there need to be time spent at these levels.
Incase we are in correction then till march 2023 this phase is likely to last.
Significant fib levels for support are 16000, 14400, 13000 and 11750. This will bring it closer to 200 moving avg.
For connection to earlier views check related links below.
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Alternate view
