Nifty 50 Update

Nifty 50 Update. As on Wed 17 March 2021. CMP 14,721. Posted after market hours at 4:10 pm.

Bottom line : The 4th wave correction to the 14,000 level continues.


Primary count : The expanding triangle continues in wave D (in red) to the downside. Under this count, expect volatility between 14,500 ~ 14,900 over the coming days, possibly in the shape of a smaller bearish triangle.  Below is a rough projected path that price could follow under this count.

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Alternate count : This shows a bullish triangle formation where price should find a low at about 14,500 ~ 14,600, before resuming a sideways to upward trajectory.  This triangle would be discarded if price declines below wave (a) of the triangle of 14,468.