On closer inspection I realised that a more conventional 5 sub-waves rather than 9 sub-waves would be appropriate. The recent decline though has 5 waves down move but they overlap each other, so it seems more like a developing double zig zag. Hence the decline from 5400 to 4800 has more corrective shades than impulsive. Thats why I portrayed an alternative scenario were the markets make a final suckers rally in June-July...
Hi,
ReplyDeleteCan we not consider the recent down move in NIFTY from 5399.65 to 4786.45 as wave "A" (down) of "2" (down) - where wave "A" is a diagonal...?
Please share your thoughts...
Cheers.
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ReplyDeleteNice observation... yes that can happen.. but one issue with obs.. though we can find 5-3-5-3-5 but as per shape it looks unlike a diagonal..But I still say that it can be A diagonal.
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