The market has rallied from the bottom made on March 30th. After a corrective pause in the month of May and early June, it has again rallied. In terms of wave counts, let us see where we are.
1. The bottom of 22282 was made on March 30th. The rally from this point extended to a high of 24601 on April 21st.
2. The markets spent the next 47 days in a corrective phase which ended with a low of 23070 on June 8th.
3. The markets corrected around 66 pc.
4. If we take 22282-24601 as wave 1 then,
24601-23070 as wave 2, then the wave 3 has commenced.
5. Wave 3s are a minimum of 1.618 of wave 1. So if our count is right then the next target for the nifty within the next 2 months will be 26821.
6. The region between 26400 and 26800 is an interesting areas since there has been multiple market tops in this region between September 2024 and Jan 2026. This will lead everybody guessing if it is the final top or the markets can go higher.
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