Nifty is in primary wave {3} top with a complex correction in an intermediate wave (5), and this break below 11485 now making the whole pattern in to an irregular correction for internal wave iv of minor wave 5, which can form into ED even, with all internal corrective waves. Many possibilities are around. But still expecting a new high if holding 10585 intact. With such correction toward 10585, Nifty can form a huge Expanding Triangle in wave 5.
11485 (ie a 38.2% of current upswing) is major trend reversal point. A break below
11485 now shows that Nifty can turn the major pattern into Irregular Correction and
can result in further fall towards 11100. Strong support is 11330 at bottom trend
line and again at 11108
Assuming that wave5 achieved minimum projections after breaking above 11760.20 and achieved 12103, but pattern doesn’t seem completed whereas an extended projection approx.: 61% is placed at 12750. If 12103 is the end of wave 5,then we will see a deep correction. A Break below 10004 , will assumes that we are in a Primary wave {4} correction, which is also another probability.
{ For primary waves angle brackets are not showing in the post, hence i put a curly bracket}
11485 (ie a 38.2% of current upswing) is major trend reversal point. A break below
11485 now shows that Nifty can turn the major pattern into Irregular Correction and
can result in further fall towards 11100. Strong support is 11330 at bottom trend
line and again at 11108
Assuming that wave5 achieved minimum projections after breaking above 11760.20 and achieved 12103, but pattern doesn’t seem completed whereas an extended projection approx.: 61% is placed at 12750. If 12103 is the end of wave 5,then we will see a deep correction. A Break below 10004 , will assumes that we are in a Primary wave {4} correction, which is also another probability.
{ For primary waves angle brackets are not showing in the post, hence i put a curly bracket}