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Nifty Thrifty

22 Jan 2021 ‚óŹ 04:55 AM

Discussing the Nifty wave counts from the LSR again. The alternates remain open so I cannot say for now which one is ideal except that 2 point to a season correction and one a slow extension.

If I stick to my original wave counts then given the 5 wave advance 5=1 was achieved at 14200 and within wave 5, V=I was achieved yesterday above 14700. So all expected levels are achieved as of now. 

Even if I go with alternate wave counts like marking the Sept correction as the 2nd wave within wave 3, then wave V completes not only price equality but also time equality today [4 weeks]. So a routine correction as we head into the seasonal top period for a one month period might be normally expected, in this scenario the correction will be wave 4 and could be a triangle or flat/expanded flat.

Only above 14820 can we think of the more bullish alternate that wave 3 is still extending and not over. There are many stocks that are showing 5 waves up as may be complete. Even US indices like the NYSE Composite or Russell 2000 can be marked as 5 waves from the Sept bottom. Even if it results in a smaller degree wave 2 correction inside wave 3 it would be a consolidation before we can head higher.

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