Nifty Wave Analysis

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In the above daily chart of Nifty, prices continue to move in a rising wedge pattern which is a negative sign as any time this pattern will end eventually turning the positive momentum into negative. Daily RSI is above 50, and it is likely to face resistance in near term.

From hourly analysis, a throw over is seen which is possibly the end of the wedge pattern, this can also be a bull trap as prices will move down in dynamic fashion, it is important for the index to break ... which can tumble it near till ... levels over short term. I will continue to say that my earlier levels for Nifty was ... levels, I will change to ... levels over medium term.

As per wave theory, a complex correction pattern (w-x-y) is still going on which will complete wave a at one higher degree, after that a three wave structure will open to complete wave b which can retrace ... which is nearing to ... levels.

The summation is, only a move below 9260 can stumble this index till ... for short term. For medium term the bias is firmly negative which can drag it till ... levels.

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