nifty lvls...

2485, 2454, 2375 to be watched on the downside on nifty spot if opens weak today on bearish global cues.

view on mkt...

while iam expecting some upmove toward 2900-3000 in couple of days, it should be used by traders for positional shorting with prev highs as sl, as according to the bias as posted earlier, nifty is weak and would drift further down. for investors slowly some accumulation may be done on any such big dips.

nifty chart...

at the moment nifty seems like following the downward sloping channel, but if weakness persists and the channel as well as the fibo lvl 2630 also breaks without giving a bounce, then next lvl to watch is 2546.

my projected wave 4 scenario...

internal waves within our preferred wave 4 bias discussed earlier.

as one can see, i have sub-divided wave 4 into A(3 wave zig-zag), ongoing B(3 wave flat). therefore wave 4 also becomes a flat. wave C after B can become truncated if support area(above 2631) is respected.

support and resistance areas are also marked by ellipses.

dotted arrows showing the speculated projected directions of mkt movement for monday and afterwards.

update: ongoing B above structure changed to 3 wave zig-zag from flat, others remain same as given earlier.

***only for academic purposes.