As shown on 30 mins chart we now expect some steep downfall in form of wave iii of (iii). As we know 3 of 3 are the most violent waves and is the most emotionally painful wave if you are placed on the opposite side. The reaction time is very less and traders do not know how to react during such situations. We do not rule out the possibility of this current correction developing in the form of an expanded flat as shown on alternate count which should be followed by a C wave rally above 5850. But we will keep this as an alternate scenario as long as prices are below 5800 levels. Even if we are wrong on the start of 3rd of 3rd our readers are aware of the situation and are mentally prepared for such a scenario which might be a shock / surprise for many other traders.
In short, we expect Nifty to continue the downfall atleast till 5400 levels before any significant bounce back. This scenario remains valid as long as 5800 is not taken out on upside, which will make our alternate count as preferred one. Till then enjoy the volatility and the capitulation that might happen anytime next week!
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