Nifty 50 Update

Nifty 50 Update. As on Monday 22 Nov 2021. CMP 17,570. Posted at 11:50 am.

And just like that, with the break of 17,615, even with 4 legs appearing complete of the bearish triangle, that particular bearish triangle pattern is out the window.

Nifty now has many options.  Next level of support comes in at about 17,300 roughly.  But between now and getting there whether it is going to be a straight line down or a rally first is difficult to forecast.  Momentum is certainly bearish.

There are 3 counts on the table.  No preference between the counts.

Count 1 : Price is in a wave A down to 17,300 ~ 17,400 of a bullish wave Y triangle.


Count 2 : Price is in wave A of Y down that could complete at any time, which would result in a short term rally towards the 17,900 ~ 18,100 level to complete wave B of Y, before a final wave C of Y takes price down to the 17,300 level.


Count 3 : This shows price in wave b down of a bearish triangle, which would be followed by a further leg down on completion of this bearish triangle.