Nifty corrected from 11797 to 10791 nearly 1000 points, in a-b-c pattern as shown in the chart below.
In Elliott Wave principle, after an A-B-C pattern, impulsive wave begins. In this case, wave 4 ended as a-b-c form and Wave 5 larger degree about to commence which can take nifty to new highs.
Investors no need to worry about this correction as next coming direction is upward and takes nifty to new highs. Hence, investors and traders can initiate fresh long position for 11400-11800 in coming days.
nifty corrected more and out of channel line, today we get confirmation of upmove once nifty again bounce back to channel line move above 10950- would be first confirmation of upmove.
Keep an eye on 10950 level.
short sellers cover shorts and go long.