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Nifty Analysis
Fri Aug 30, 2024
Nifty broke 15 months sideways move in Jan 2023 and since then it has given a spectacular rally of 33% + in around 14 months. This week we have yet again printed an all time high
In terms of current Elliott Counts, It looks like this move is wave 3 in the move started from Jun 2022. And it has been showing all the characteristics of a 3rd wave. its fast it does not give too many opportunities to make entries.
But its also important to make an observation that this wave 3 is coming very close to a possible completion. Its very difficult to have specific targets for this wave as the underline liquidity is very very high. So for now, its important to just continue ride the wave.
This regression trend channel seems to be a good indicator to watch out for. One can evaluate exiting longs on observing a full daily candle below this regression trend channel.
Milind Pol
Trying to make sense of the markets!
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