Nifty 50 is currently in wave 4 mini (with wave A and wave B seemingly complete, and wave C yet to occur). While wave 4 mini black is still unfinished, there is significant selling pressure across global indices such as the Dow Jones, and even Bitcoin is experiencing a downturn. Elliott waves typically adhere to the wave count for Nifty, even on smaller time frames, making the formation of wave 4 mini vital for dropping below the 21900 level. I am looking for a head and shoulder pattern that breaks down towards the end of the larger wave 3, indicated in purple.
What happens for March 5th for Nifty50 ?
On March 5th, I plan to focus on cautious trades, keeping cash readily available, and waiting for the right chance to short the market when possible. We're currently in wave 4, which typically tends to move sideways, form complex triangles, and potentially consolidate before breaking downward quickly, catching everyone off guard.
Recall how the Falcon times its attack on the prey.
We are declining, and the situation doesn't look promising. I will take advantage of rebounds to strategize and short the market whenever feasible. Proceed with trading at your own risk. The Wave 4 mini is still pending, and considering the widespread decline in global indices, I anticipate another gap down. However, the possibility of reaching the 22180 level once more cannot be dismissed.
What I wish for?
I wish I had followed Kiss Bot indicator, look how smooth this is. On 1H, even if I had taken a monthly expiry, I would have been sorted and probably made enough for a good vacation. Always use stop loss but just look at this beauty!
What waves are in play here?
We are currently in black wave 3 (likely completed), followed by black mini waves 4 and 5 to shape green (3), after which we anticipate an upward movement towards 22000 once more. This whole area will serve as a kind of retest before heading down towards 19000. I just hope we reach the bottom soon. Refer to the first chart above.
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