This is posted at another blog but has relevance to this blog also and hence the reproduction of its extract for the readership here.
Nifty seems to have gone into an ED from 8463 and has completed first two fractals of this ED. If this perception is correct, then Nifty is unlikely to cross 8463 till the ED gets completed.
There is a WW developing and the current fall is shaping the last leg of the pattern. If it indeed is developing as a WW, then it must go below 8160 roughly and 10 points of error on both side may be kept in mind for inaccuracies in my drawing. This apart, the last leg by itself may get completed at 8140 or so. As long as this leg gets below 8170, any number would be fine.
Nifty seems to have gone into an ED from 8463 and has completed first two fractals of this ED. If this perception is correct, then Nifty is unlikely to cross 8463 till the ED gets completed.
There is a WW developing and the current fall is shaping the last leg of the pattern. If it indeed is developing as a WW, then it must go below 8160 roughly and 10 points of error on both side may be kept in mind for inaccuracies in my drawing. This apart, the last leg by itself may get completed at 8140 or so. As long as this leg gets below 8170, any number would be fine.
In one of my previous posts "Finale 15 Apr 2015", I had mentioned low days as 20, 23 and 25. While I regret the mention of 25(being a Saturday) instead of 27, what I intend to bring out is the possibilities that may emerge within this framework. If the intent of Nifty is to indeed go towards 8140, then it may dip to 8230-8220 on 23 without breaching 8463, then subsequently it would come to 8380/8432 roughly before dipping again in the morning hours of Monday, the 27th to make 8140.
It may also happen that the entire setup I have narrated here turns into rubbish at the opening bell itself. Indicator would be a breach of 8463.
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