Nifty seems to have a triangular formation in Wave 04.We could argue that Nifty had bottomed out after A,B and C waves, but the time cycles do not seem to match. Since Wave 3 was of 20 days, we still have a little time left for wave 4 to bottom out, as per Neo Wave.We have a slightly expanding triangle with a downward bias. If Nifty turns down from here we may witness a Wave D failure.In any case wave 4 is close to completion.
ABC retracement, where AB is the down leg from 5448 to 5217, show an interesting picture.
Nifty had retraced 100% of AB on October 31 and had been rising ever since. Time-wise October 30 represents 161.8% of the time taken by AB and October 30 was a Full Moon. So using ABC retracement points along with Lunation does provide us with clues to market movements.
November 05 represents 200% of the time period of AB.Let us see what happens on Monday!
November 13, is the time when 261.8% of the time of AB formation would come to pass.November 13 is also the total Solar Eclipse Day.November 15 is a New Moon. So can we expect another short term price reversal then?
While for the uninitiated, Nifty appears to be meandering aimlessly since October 05, just look at the mathematical balance and precision in Nifty`s movements!We can sense Fibonacci everywhere!
Additionally Nifty had taken support on the upward 1x2 Gann Angle line and had met resistance on the downward 1x4 Gann angle line.
Here are the preferred Intra day Wave counts:
Have a great week of safe and productive trading!