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NIFTYAUTO @ 21685 WAVE UPDATE
I'm plotting my wave counts from COVID LOW.
At recent ATH wave-3 of the move completed and since then it was in middle of wave-4 correction & this wave 4th has so far retraced dot 38.2% and it has also retested that 20 monthly moving avg and also having a support of rising channel around this support.
So now early signs are coming that AUTO stock have completed its correction or about to complete and soon we may see a up move in wave 5th in NIFTYAUTO.
NOTE: the wave-2 of this move is only 38.2% retraced which is shallow pullback so as per the rule of alternation if wave-2 is shallow then wave-4 either can do time wise correction or can do price wise correction till minimum 38.2% to 50%. So if market gives more downside from current levels then this NIFTYAUTO can go till 18580 which is 50% retracement level and around this levels it can start the up move in wave-5th.
SO LOOKING AT THIS LARGER FORMATION there is good room left in the AUTO segments to play buy on dips.
