Short Term Bounce
Nifty may bounce in coming week - everything needs to get heated before it goes down further
A clear 5 wave decline seems to be complete- now it should bounce back a bit.Also hourly MACD has gones into a buy mode.
Here are the confirmation signals for this to happen -
1.Crossing previous swing high of 15400.
2. Crossing /closing abpve the 2-4 down-sliding trend-line and 40 hours average -near 15550
In this case ,it can go up to 15900 -upto wave 4 high in this case.
In case, it crosses 15900 , woudl re-look at the chart.
Disclaimer: These are assumptions…can go wrong very badly ( what if 5 leg decline is not complete and MACD buy signal just a whip-saw ?) No recos, ,no suggestions- just for study purpose - how a EW guy makes probable scnarios.