Nifty Preferred EW Wave counts from Covid Low to 2021 high (~18600)
Major Impulse counts are labelled in Blue with minor wave counts in Orange. Major correction waves are labelled in Pink and Sub-waves within major correction waves are shown in green.
Wave 1 is some sort of diagonal - leading diagonal
Wave 3 is subdivided again in 5 impulse waves with subwave 5 extended.
Wave 4 is shallow correction with most likely some sort of descending triangle formation
Wave 2 (Blue) retraced up to 0.618 Golden fib ratio.
Wave 3 (Blue) is extended till 2.618 Fib from wave 1.
Wave 5 (Blue) is extended in the region from 0.5 to 0.618 FIB from Wave 1 and 3.
Present correction started from 18500-600 zone is evolving as WXY (mostly Double zigzag) with Y leg in formation. W leg is again subdivided in ABC (green color) X is a failed impulse with its own abc (green color) and Most likely it is in Y wave formation.
We will try to label Y wave as the price evolves. These corrective wave counts are invalid when the red downtrend line is broken and price closes above it.
If the counts are valid and Y leg is in progress, possible targets for Y wave should be somewhere around 14900-14500 zone where 1:1 extension (wave w = wave y) or 0.382 FIB retracement on the entire 5 impulse waves (From covid low to 2021 High)
Major Impulse counts are labelled in Blue with minor wave counts in Orange. Major correction waves are labelled in Pink and Sub-waves within major correction waves are shown in green.
Wave 1 is some sort of diagonal - leading diagonal
Wave 3 is subdivided again in 5 impulse waves with subwave 5 extended.
Wave 4 is shallow correction with most likely some sort of descending triangle formation
Wave 2 (Blue) retraced up to 0.618 Golden fib ratio.
Wave 3 (Blue) is extended till 2.618 Fib from wave 1.
Wave 5 (Blue) is extended in the region from 0.5 to 0.618 FIB from Wave 1 and 3.
Present correction started from 18500-600 zone is evolving as WXY (mostly Double zigzag) with Y leg in formation. W leg is again subdivided in ABC (green color) X is a failed impulse with its own abc (green color) and Most likely it is in Y wave formation.
We will try to label Y wave as the price evolves. These corrective wave counts are invalid when the red downtrend line is broken and price closes above it.
If the counts are valid and Y leg is in progress, possible targets for Y wave should be somewhere around 14900-14500 zone where 1:1 extension (wave w = wave y) or 0.382 FIB retracement on the entire 5 impulse waves (From covid low to 2021 High)
Snapshot attached