Lets understand what the building blocks are doing in the very lesser degrees to have a better perspective upon the asset
1) NIFTY QUARTERLY CHART ANALYSIS
The Waves in Super cycle degree (the ones in parenthesis) is being unfolded and and within which wave three is undergoing an expansion phase after which the sequence will be proceeded by wave 4 as a retracement.
2) NIFTY MONTHLY CHART ANALYSIS
The monthly chart is a bit convincing than the Quarterly chart as it is earlier said that the third wave (super cycle degree) is undergoing an expansion phase and we know that
during the expansion the waves are subdivided into self similar structures and in the next lesser degree say, cycle degree and the wave 5 is the only missing candidate among the sequence and therefore to complete the wave 3 in one larger degree, wave 5 is currently unfolding and lets understand it even more clearly in the lesser degrees - NIFTY weekly & daily charts.
P.S FOR CONFIRMATION ON ENDING OF WAVE 4 IN CYCLE DEGREE WATCH THE VIDEO BELOW
3) NIFTY WEEKLY CHART ANALYSIS
As it is stated from previous months in JUNE & JULY UPDATE, (check them here) the fifth wave move & properties were never motive but corrective in nature and above all it might be a developing Ending diagonal and in the further lesser degrees to cycle degree, i.e in the PRIMARY degree - wave 1 is being subdivided into complex triple three structures - W, X, Y, X & Z & important take away here is that wave 1 is nearing its completion and it is highly probable that the end of wave 1 would be in the vicinity of 9119 areas.
4) NIFTY DAILY CHART ANALYSIS
Within the wave 1 in primary degree, the waves in the lesser degree - intermediate degree are being unfolded in to self similar structures - triple three correction and within which the final Z leg is being traded on.
Furthermore, the chart clues resulting from MATH & geometry gives good level of confidence that the analysis is viable
We remain strongly bullish till the breach of 9119 area or the vicinity of the same and after that we expect the market to retrace and this will be followed up in our next update.
SL: 8537 (CONSERVATIVE - SHORT TERM), 7918 (NORMAL - LONG TERM)
TP: 9119 / VICINITY (COMMON TO ALL)
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