Updated NIFTY-50 Forecast:
In the Previous posted charts we've had spotted an impulse wave and we were expecting an correction phase, Today we clearly see the Apparent abc Correction.
Probable Forecast:
Scenario #1
We currently believe Nifty is in C wave correction of the phase abc and it
is likely to head to the key reversal and major support level range of 8000-8100,
as you can see in the chart the 0.168 fibonacci level also Happen to be There (and the Lower End of the Channel aswell), if prices are to bounce back the c wave may end near 8000-8100 and then the uptrend will resume it's upward path and break the 9000 levels and beyond.
Scenario #2
This Move may just be a Corrective Rally In an Bear Market (or to say: Simply a Pullback) And Prices are yet to make new lows. To Confirm this watch for the 7900-8000 levels if it breaches and close below 7900-8000 Levels then This is true.
Trade Suggestion (As a Disclaimer, I am not responsible for your trade performance):
Trade #1:If prices did indeed Closes below 7900-8000 Nifty can be Shorted For a New Low below 7600.
Trade #2: If prices Close above the upper channel or above 9660 (high of b wave)
one can go long for targets above 9000-9200
p.s (If you have any questions, feel free to message me.)