This is further to my analysis on 23rd August, 2022, where I tried to analyse the index on all time frames. The wave (a) was corrected by almost 38.2% to 17626.55 level. The price further went down to 17499.25 making a 3 wave structure and then extended the wave (a) correction to 17726.5 making wave (b) as complex correction w-x-y. Wave (b) seems to be completed at this level which is approx 61.8% correction of wave (a). In last one hour of trading hours, index went down sharply to 17487.45. It seems to be the start of wave (c) which may be expected to go down till 17178.8 that is 38.2% correction of wave iii of one higher order. We can expect the current price movement as wave (c) as long as it doesn't go above end of wave (b) i.e. 17726.5.
Note: This is for educational purpose only, do not take it as an investment advise. Consult with your advisor before investing.
market went beyond 17726.5.......Does it mean, C wave is over
Epic_Elliot
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@vekariyasanket80, Probably b wave of the correction is unfolding into a triangle. Once triangle is completed, nifty may again touch 38.2% retracement level where we can expect wave c of the correction completed.