In the post that was for today 25th July 2022, Link below (Nifty - what next? July Month Expiry - I had mentioned that we are looking at some local top to be formed.
Having said that - there are technical analysts who are looking at bigger trend move up in 5 waves.
While we still hold Falcon Wave - where green A weekly wave was formed, and now going down in weekly green B wave. This needs to be done either in 3 wave or 5 wave.
The three wave scenario, blue ABC, has 5 waves down to form blue A of daily TF. This is shown in the chart and most likely true where wave 2 is formed.
We will get more clarity in next 2-3 days.
Happy Trading!
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Important to mentioned we had clear price trend change on vertical red lines
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Cleaned some clutter.
ABC wave up to form wave A
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In Falcon Waves
We simply follow the higher time frame trend, and then see to achieve it are we using a 3 wave structure or 5 wave structure
a 3 wave structure typically is ABC waves
and 5 wave structure is 1,2,3,4,5 waves
Now keeping a 3 wave structure intact - we can still have 3 or 5 waves within waves
E.g. Blue A was made in 3 waves, Blue B was made in 3 waves and Blue C was made in 5 waves