Nifty 50 Chart Analysis
Nifty 50 moved in an impulsive structure for few days now, and this pull back was much needed that we had discussed. Now looking at upside in 5 waves to complete Wave 3 and then again pull back for wave 4 (Pink).
The yellow lines are POC levels, of previous swings. If you see lower lines, price did bounce quiet few times before going higher. Also wave 3 doesn’t seem to have completed. On lower time frames, Nifty has time and again extended wave 3.
If price falls from current levels then wave 4 might go beyond 23.6% towards 38.2% Fib retracement.
So upside momentum is there but risk will be there to certain extent as it is heading towards a resistance level of 23901.
More on this in daily X posts (earlier Twitter) - Follow me on @Falcon_Trader_1
Drop comments and let me know how you want the analysis, what topics should I cover.
All this is only wave 1 for the upside, overall trades are clear with strict price action.
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