Though the double zig-zag pattern seems to have completed with the present wave structure (which are subject to change) the following points need to be considered :
1.Nifty made a double bottom at 6965 on daily charts, with divergence giving an immediate upside target of 7510.
2. Nifty has formed a minor island reversal at 8250 levels, which needs confirmation.
3. The weekly and monthly charts continue to be weak with no divergence on the monthly charts.
4. Nifty needs to close above 7900 to confirm a long term trend change along with divergence on long term charts.
5. Long term trend change will be confirmed with the trigger (yellow dotted) line crossing over zero on the monthly charts. The trigger line on TTO has been a reliable indicator of trend change in the past and as can be seen on the monthly charts, the trigger line is at present way below the zero line.
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| Nifty Daily |
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| Nifty Weekly |
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| Nifty Monthly |
