Current decline is Impulsive or Corrective???
last major swing low is at 4675 and swing high is at 5400.
After making low at 4675, Nifty took 39 trading days to make 5400.
So far nifty has took 30 trading days to reach 4908 from 5400.
So if in next 9 trading days if 4675 does not breaks then we have to consider current decline as corrective and if we break 4675 in less then 9 next trading days then we have to cosider current decline as impulsive.
Interesting time ahead......
• Last swing high is at 5105. (Lower high)
• Last swing low is at 4966. (Lower low)
• In the medium term,
--- Nifty is again in down trend (from 17th May) with targets of 4930**, 4860, 4810.
--- The down trend will ‘terminate’ above 5213.
• In the short term,
--- Nifty is again in down trend (from 19th May) with targets 4920**, 4880, 4840.
---The down trend will terminate above 5105.
(Targets are +/- 20 points, ** means target achieved)
IMP. NOTES----
• Nifty traded in big range of 157 points between 5065 and 4908. (Range expansion)
• Swing high of 5105 formed now which is lower then previous swing high of 5213.
• Nifty traded and closed below swing low of 4966, so short term corrective down move is now converted into downtrend.
