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  • viraj.catanxs

    •

    6 months

    NIFTY Drop - My post vindicated

    Five days ago when NIFTY had closed at 24768, I had posted on this group stating that NIFTY is due for next leg of correction downward. NIFTY has since dropped down to 23530. The initial fall by 1000 points from 26-Sep peak of 26280 was wave A and the subsequent bounce-back from the bottom of 23265 starting 21-Nov was wave B. Wave B notably covered 50% of the wave A drop. What is now on-going is the last leg, wave C of a-b-c correction, which I expect to go down to 22670, give or take. That target is based on Fibonacci correction of what I believe to be wave (iii) of 3. The markets should complete the wave (iv) correction and start the next bull run sometime in mid-Jan or Jan second half. [NIFTY 2-hourly chart with Elliott wave labeling for the recent drop](https://preview.redd.it/662u7oci548e1.png?width=2101&format=png&auto=webp&s=c9909de963c8e7353ad1b7c6bd7452f3a2d9700a)
    3

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