Nifty View -Short term
From EW prespective , Nifty has given a 5 wave decline on hourly chart . Now we can take this as A (or i) . And currently it seems to be in wave B (or ii) – the upside potential of B seems very limited.
Once B is complete, we might see a C wave decline ( or iii) . C can be equal to A anf then we might see a little bigger bounce. But if the C happens to be (iii) then we can see much deeper decline in coming weeks and months.
Hourly Chart
In short , time to be cautious.
Disclaimer :This post is just for learning few methods of price-patterns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors.
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