Nifty retraces a smaller move of 6056 to 6112 in faster time, next being "6008".

Nifty Pre-Market View.

Correction is on....known once the resistances have held.
When the correction would end..??..
today in the morning session or would drag into Monday?
a perfect day for the week's downtrend to assert with Overbought Day/ Hour.
Below 5225-Day pivot, it is weak & gets weaker below 5189...bearish below 5160.
Bulls reversal only above 5231 & 5240 or above the 80% retrace of the fall from 5246.
Is it correcting the last rise from 5154-5246 or the 5033-5246.
"5172" holds the key...80% & WEma.
"5189" is the first support-61.8% of 5154-5246 retrace & 34 Hrsma.

Nifty Pre-Market View.

Happy BirthDay to:
Ranajay Banerjee(FIRE)
Sanjay Jaiswal.
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Weakness has crept in with "Bearish Harami" pattern in Day chart for the Short term.
And Rising wedge may have completed its pattern too.
"5271" WHEma is the number Bears would like to capture(by Friday close).
For Bulls, below 5300, 1st channel support gives way for the next channel support.
Corrections are assumed till tomorrows EOD changes Week TA.
Bank Nifty has well developed sub-waves.

Nifty breaks out of yet another consolidation.

Any kind of study, if applied appropriately & discretely, will produce excellent results.
We have in the recent past spotted a "Falling wedge" to identify a ST bottom along with TT's MLEma & EW.
We identified an "Ascending triangle" for a likely target of 5336 sometime ago.
We identified a "Rising wedge" two weeks ago and this morning, using SAN's chart, relabelled to identify the "Day's upmove targeting towards 5375 ."
Identifying a "Developing pattern" requires not just patience but "balance of views" derived from various studies which would give credence to such a formation.
Patterns do fail at times. Make your journey with them as long as they hold their promises.

EW continues to guide me like it did today...like it did on innumerable occasions.
How could one abandon it?
If you err in your EW study, don't blame the study. Find the truth...that how you missed reading it in the first place. And if you find reading it tough, why not shift to something that is comfortable to you.
I must recollect here and emphasize that "Trading is quite personal". Master your trade whether you use
"SAR", "EW", TA" & so on.
I have seen the "Overflowing doubts" on following the simple "SAR method" here..!!! So why blame anyone for EW?
Take the wheel and mind the road...for a safe journey.

Nifty PreMarket View

Holding the morning session's lows is minimum required for further upsides. Continued lows making should warn you of resumption of downtrend.
4675-4695 is a strong support zone for the day.
4775-4785, the strong resistance above which further upsides are possible for today & tomorrow.

If the price weakness resulting from OS & -ve div hour ends with morning weakness, two days of upove possible. If weakness persists, the OB day which has lost the momentum yesterday with a close below DHEma will turn down.

Current weakness is the result of the "rising wedge pattern". If stability returns, the same pattern may play out a "leading diagonal of "a" wave.

Nifty PreMarket View

Nifty has closed below DHEma but staying well above DLEma(rising).
There seem to be a pause.
"4755-4770" cluster resistance above which 4805-20sma.
"4665" continues to be the ST support.