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| Hourly Chart |
This is an hourly chart of Nifty. We can see a clear 5 wave move on Nifty. Earlier I had marked 1-2/1-2 wave structure, implying a sharp burst of prices upwards in wave (3) of [3] of III, please refer the chart here. Though that possibility is still possible, we have to be prepared for alternative outcomes. I have labelled the above chart as a possible wave [1] of III, which means we may slide down to form wave [2], towards the 5295-5215 levels. For the earlier scenario of a 1-2/1-2 to play out we should stay above 5350 levels. If we drift below 5350, this second possibility of wave [2] may come to fore.
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