Important update - Nifty50 correction

Hey Everyone,


I forgot a simple fact that we are viewing the market in Daily time frame

Higher time frame corrections will always mostly result in a Double Three or Triple Three correction, I have seen these happening before and i forgot to add that into my idea generation.
It was good that it popped again in my head.

Last post ( 2 hours back) i posted that 22280 -22240 will be area of reversal for wave C. I still hold on to the same thought....What happens next???? Markets cannot easily go that too after such a good corrective wave formation. Generally markets tend to form 2 or 3 corrections together.

While doing this , market will unfold a complex correction called WXY , 7 Wave structure.

1 ( Wave A) - 2(Wave B) - 3 (Wave C) --- -1st wave (W)
4 (Wave ABC) - 2nd Wave [ This is the connector for both corrections to happen) (X)
5 (Wave A) - 6( Wave B) - 7 (Wave C) --- 3rd Wave (Y)

We may be in the 1st Wave(W) of 3 (Wave C).

Sometimes market might even go for WXYXZ giving a 11 swing corrective structure.

Why I'm telling this is ....if market forms WXY structure, Wave Y will mostly break low of Wave W up to 123% extension of Wave W.

So 22280 -22240 might be low of current Wave W , but not the final low . market can also go more down by 500- 1000 points while completing Wave Y.

Be careful and plan accordingly on how to play the market.

Happy Trading
Cheers!!!!!!!!!!!!!!