Elliot wave theory tells that a market moves in waves and there are five impulsive waves and then three corrective waves. Without going deeper in the theory, it is very obvious on simple observation of monthly chart of Nifty that the impulsive five bullish waves (2003 to 2019) has completed and it appears that the next phase we may see corrective (bearish ABC) trend for a significantly long period than what we expect. We shouldn't hurry in blocking our capital in many shares which have so far corrected. We may see further corrections in the bearish ABC phase.
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