Nifty correction levels before next move

il y a 7 jours

Statement -
As speculated in my last idea , Nifty started correcting from 26000 - 26300 area .
The rally started from Mar 2020 and extended 100% till above mentioned area and started correcting ( only price action , reasons can be anything ...high valuations, state elections exit polls, new China recovery story, geo political tensions , Israel warning that it will hit oil refineries etc etc....which we don't need because it's markets duty to factor it in, we only follow and speculate where market might go)

Arguments -1) It might be looking very tough to analyze where market is heading but one simple rule of PITCHFORK will give you the answer.

2) The Pitchfork used in the chart is Andrew's pitchfork ( using 2008 low , following high and 2020 low) .

3) Price rejecting from the upper line with a confluence has to return to median ... simple as that.
Price extended 100% from March 2020 and hit extended pitchfork upper line ----so it has to return to median which is ~23656 by Jan 27th 2025 .

4) Timing might be off but price should come around that area which is also 50% retracement area from June 2024 elections low. Time also aligns closely with Feb 1st Budget day .

Conclusion - I feel we entered correction state and its gonna last for 3-4 months). Based on the time frame of correction, market will be in a complex correction of Zigzag, flats and triangles to results in a WXYXZ correction. Markets will be bearish to sideways in coming months.

This is only for educational purpose and an idea on how market geometry works in higher timeframes using technical tools to find confluences in support of price action.

Cheers!!!!
Happy Trading.