7100 for Nifty ??

Having failed the 38.2% intersection of price and time ( 38.2% retracement of wave 3) which was  achieved around  Sept 30 with   7550 levels and a breach of 7500, Nifty now seems to be moving towards the 50% retracement  and intersection (price & time) levels at 7100 with a target time frame of  around Jan 30.

The correction has evolved as a complex correction in wave 4 with short term resistance placed at 7550. Any upmove will qualify as a bounce till 7850 (monthly 20 EMA) can be taken out conclusively. This however is unlikely to happen anytime soon, till all the downside targets are completed.

Nifty may remain in 7500-7100 zone for sometime till  the wave structures could be completed in wave 4.

Nifty Monthly Chart

 

Nifty Weekly Chart