Nifty 50 opened with a Gap Up, as we previously discussed. However, this did not finish the full wave 4 mini, so I believe there is more upside potential. If you're familiar with the Fib Extension tool, equal leg possibilities often exist up to 100 of a zigzag. Give it a try and let me know in the comments if you got it right.
In wave ABC, wave c will consist of 5 internal waves. It appears that waves A and B are complete, while wave C is yet to form a larger mini wave 4 black, as illustrated in the chart below.
In general, we remain bearish, but a bounce was necessary at 22000, and it occurred. We also required some indicators to cool off, which has happened. The next step is the completion of wave 4, followed by a more significant and deeper correction in downside wave 5, dropping well below 22000 in a few days from now, assuming we haven't hit the bottom yet (which we haven't).
Nifty 50 moving up to complete mini Wave 4 (Black) in 1H Time Frame
After Wave 4 is completed, we can anticipate further downside. Nifty has shown a nice movement on higher time frames like 1H. I prefer scalping, so I focus on smaller time frames like 5 or even 15 minutes. The 1H chart reveals a clear story: we began descending around February 20th, following a 5-wave pattern where Waves 1, 2, and 3 are likely complete. Wave 4 appears to be unfolding, and there might be one final upward move to shake off early sellers.
Overall I am looking at trend change on bigger time frames only around 10th March 2025
Dollar Index Review
USDX falling with Kiss Bot signalling long sell indicating some downside till 107.056 levels. If this continues we can get Nifty Wave 4 after that more downside possible for Wave 5 completion.
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