NIFTY hourly chart shows 5 wave impulse down as of now. In this case, a pullback towards 21800/21900 should occur followed by another fall which should take the prices in 21300/21400 zone at least. Assuming this is wave A of the correction downwards, pullback would be B followed by another impulse C down. Note that this is ideal scenario and the correction could become complex (WXY/WXYXZ). Let's go step by step and follow what's visible in charts and will update as and when something changes.
Note that 5 can turn into 9/13 if the first leg of this fall remains impulsive and it could also end up being 7/11 waves but we'll cross that bridge when it comes.
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Be a Better Trader!
Disclaimer: Do your own due diligence for buy/sell decisions.
Disclaimer: Do your own due diligence for buy/sell decisions.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.