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Nifty Food For Thought

17 Mar 2021 ‚óŹ 01:30 PM

If I go back to the original wave count that I was considering in October and November then the outcome would look as follows, a possible 5 wave advance complete inside the rising channel drawn from the bottom made in May 2020. You will remember that till last week I carried a small note showing that 9 waves are complete which can be marked as an impulse. So are we really in for a larger degree retracement? The answer is not very clear. The alternate wave count 1-2-1-2 considered in this week's update might also not be wrong and therefore a lot depends on the depth of the next pullback. An ABC correction appears to have started and a retest of the wave IV low of the previous advance would be normal and not change the idea that an extended move is still going on longer-term. If 13,600 were to break, however, this idea would be challenged and calling the correction a larger degree wave 2 decline would have to be considered. 

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