Conclusions:
1. From the end of wave (B), a “Double Extension Impulse” pattern seems to be unfolding
as wave (C) which is a part of larger Zigzag pattern.
2. Currently, the Nifty cash may be in wave (v) which seems to be Terminal Impulse due to
overlapping between waves 2 and 4.
3. The breach above 7701 will indicate that the wave 4 is completed and wave 5 is in
progress, whereas the breach below 2-4 line will indicate that wave 4 is still unfolding.
4. The wave 4 can fall till maximum of 7415. Below 7415, the pattern becomes doubtful.
5. The Nifty cash is expected to move up after completion of wave 4 and may reach up till
7715-7795 resistance area. The index may move further also but in no case above 7945.
A major top is expected somewhere below 7945 and above 7715.
6. For longs, stop loss can be placed below 7455 of Nifty cash.
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