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The NSE index is likely to consolidate in a range of 11,682.81 and 11,605.25 before gaining further. These levels are identified as the 14.6% Fibonacci projection level of the uptrend from the February 19 low to its June 3 high and the 50% retracement on the uptrend from the May 14 low to June 3 high.
The index had a failed breakout above 11,682.81 on Wednesday, suggesting that the final sub-wave c of wave i in a five-wave uptrend may have ended on Wednesday. The completion of the wave suggests some correction, which is expected to be in the 11,682.81 and 11,605.25 range.
From a long-term perspective, the current wave is part of the final wave 5, in a five-wave uptrend. The current uptrend is expected to continue up to 12,040.62, the 38.2% projection level.
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