Nifty makes a Double bottom

٨ ديسمبر ٢٠٢١

A double bottom below the 17000 mark it is, pending some price confirmation. If you think that the most recent decline is a 5 waves down and more selling is due then this alternate count will get vindicated when Nifty moves above 17490. That is the final confirmation that we have a bottom in place for the time being. Then we can think about the bullish alternate counts from the low of 16987 made on Monday. Wave z makes a slightly higher low? Yes that is possible in fact truncation in wave z has become a common feature just like truncation in wave 5 of an impulse.