18 Jan 2021 ● 02:22 PM
Whenever I post different wave counts some people get confused and angry, but I need to share my thoughts. For example, you may be confused with my bank nifty wave counts on daily and weekly being different and then bank nifty has not topped then how can nifty top?
So I went on to look at a broader index like the Nifty 500 for answers and this is a possible outcome just looking at the daily chart and applying the concept of extensions. Here wave 3 that I thought ended in Nov [remember for a few days that went wrong], it extended by adding +4 waves and then the most recent rally from the Dec panic low added +4 waves. So we actually have 13 waves completing an impulse. So maybe only wave 3 ended and not wave 5. This requires the market to confirm in the next few days by getting stable and then consolidating maybe into a triangle [alternate expanded flat]. And after that wave 5 is still pending from the Sept bottom.