Nifty after completing a complex correction involving abc-x-abc has moved swiftly in 5 wave form above the channel line starting at 2:07 pm. At the closing Nifty has completed a minor 5 wave up move followed by a minute 5 wave down move which represents wave 'a'. Then a very small 7 point upmove. This could be wave 'b' or it might still be going on tomorrow morning at the opening.
Two options can be seen at the opening tomorrow:
1. A very small upmove which should be contained below 8659.90 (beginning of the down move) then a swift down move may follow. That will complete the correction for the rise from 8620.90 to 8659.90. Then further upmove may commence.
2. A very swift down move which may go near 8642 which is 61.8% fibonacci extension or 100 at 8636. That will complete the correction for the rise from 8620.90 to 8659.90. Then further upmove may commence.
Two options can be seen at the opening tomorrow:
1. A very small upmove which should be contained below 8659.90 (beginning of the down move) then a swift down move may follow. That will complete the correction for the rise from 8620.90 to 8659.90. Then further upmove may commence.
2. A very swift down move which may go near 8642 which is 61.8% fibonacci extension or 100 at 8636. That will complete the correction for the rise from 8620.90 to 8659.90. Then further upmove may commence.
If Nifty moves past 8659 then it must be viewed differently on the count of the down move. instead of counting it like abc-X-abc. That means correction is over and we might be on for a fresh up move in the form of 3rd wave.
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