Yesterday, Nifty posted a big green candle engulfing the previous day's doji candle. I am counting this wave as B of 4 of 3 of 1 of 5 which is an upward correction. Our share analysis software has given a short-term buy signal which is best buy with a target of 22279, 22370, and 22644. But if we assume, it will not cross the green line, the target can be 22314. After the end of B of 4, C of 4 will take Nifty down and its target can be determined after completing wave B of 4. My previous target of 21140 for the end of 4 is not valid as of now.
The second method of counting: If 21710 is the end of wave 4 of 3 of 1 of 5, then this is the start of wave 5 of 3 of 1 of 5 which is an impulse wave. It will take Nifty to a much higher level. This will entirely change my previous counting. So let us watch for this.
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Nitin Shripad Joshi
Vedant Margdarshak
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