Nifty traded below our Pivot, played around the critical "2730"..

Only TA works with some EW counts during intra movements.(Refer the 1-Minute chart)
You learn your EW in these intra moves which reappear in the larger time scales too.
So at day's low when the ending diagonal was ending, you just have to go long after a count of a clear "5". And that is an impulsive move down ( or is it an "(a)" of the "b" wave.??).
Nifty may again move in a narrow range on Monday..If 2690-2700 levels hold, then 2850-2860 is possible by Tuesday(As "d" leg of the ending diagonal). Low emas of week, Day & Hour are 2725-2735..
If 2678 & 2662 are broken, more severe fall is possible. Nifty has managed to withstand all negative cues by holding out this 2662-2709 area well sofar. It will be put to test in the coming week once again.
More time spent in this range, market may gain strength with weaker stocks shedding value and stronger ones consolidating well.
Keep those "intra icharts" & the Pivot table & the likely ranges...and trade light..Protect your capital for the big moves..Money saved is money earned too.
A likely range may be 2695/2715 to 2775/2785..(Fine tune it as per the cues)




There are so many fractal moves in this above "Hourly Chart".

Nifty's daily range narrows down and so too weekly's..

Daily trend has changed from down to up. 2-day swing has given a buy. However, holding 2730 low is very important. Nifty is also heading into quite many resistances in the 2800-2820 area.
With short term nearing "OB" area, one round of profit booking/ selling may be considered.

2678-2709 has given buying interest during very -ve cues of world mkts..
2808...........has not been breached for last 4 days above which 2860, another critical level.

Till these ranges are not broken, trade as per TA. So many possibilities of bottoming exist and none of them will end in a hurry. It is likely to take minimum 2 weeks for resolving the same, provided "2662" low & 2885 high are held till then.

A Likely range of 2740/2745 to 2795/2805 may play out.

As long as "2660" is holding, Keep this view going..& Trade those points.

A trading range of 2690 to 2880/2900 is expected in the coming days if this contracting ending diagonal is to play out in the coming days.
A minor "b" wave for the settlement today is quite apt considering the volatality associated with all those Inflation, GDP Nos, etc.
A likely range for the day may be 2730/2740 to 2780/2800.

This view is supported by the Dow EW count of 5.4 on(Ours "D" leg up) and finally 5.5 dn (and ours "E" leg dn-5th wave ending diagonal)

Nifty continues to close above 2730, thereby stays within the Triangle.

Dow nearly completing its 5.3rd and may soon be in 5.4. In such a scenario, looking at our charts and having an alternate count:
At 3147, the 4th wave ended as a simple flat. Subsequent to that we have been having waves with 3 sub waves indicating a possibility of a contracting ending diagonal as a 5th wave.
a. 3147 -2662 ; b. 2662 - 2970; c. 2970 - (2678..????); d. ............up ; e. ........dn to complete the 5th wave. For this to play out, Nifty should hold 2650 levels.
This is just a possibility as our markets are not falling as much as other markets. and some sectors are witnessing reversals such as Cement, select auto counters and so on.
Today, Nifty went upto the Pivot table's R2 @ 2788 and fell.
For tomorrow, if it can find support at 2750, some more bounces can be expected. However, more weakness will be seen below 2750.
Presently, the hourly time frame reached the "OB" region and sold off in the last hour and the daily & weekly trend remains down only.

Nifty's intra rallies continue in the 5.(2) wave..

The positive divergences that developed in the past few days are translating into intra rallies despite huge negative sentiment in the world markets.
U.S S&P500 has fallen for 6 days in a row and it is due for a bounce.
The near "Nil" discount in Feb futures point to weak bears in this series.
Nifty is in downtrend in weekly & daily. However, the hourly continues with + div in the "OS" region. Trade light..2750-2770 is a strong resistance zone followed by 2800. A fall below 2680 will lead to huge selling.
"Lots" differences in the March series will hamper retail rollovers owing to margin pressures.

(The triangle in Nifty that developed over the past 4 months can be labelled as 5th wave in the form of an ending diagonal...So holding 2680-2660 in the next few days will keep some bullish scenario alive) Trade this sideways range of 2678 - 2807 until a decisive break...