Let’s analyze Nifty from the low of 11090.65 from where the current impulse has been started. To understand it properly let’s see 1hr chart of Nifty
In this chart it looks like that wave 5 of an impulse started from 11090.65 is in progress. Today Nifty made high of 12237.55 which is just around 30% of 0-3. Next level is 50% at 12365 which may or may not come. For better understanding let’s analyze chart from the low of 11832.5 in 15 min.
From 11832.5 it looks like wave 1 and 2 is completed and 3 is in progress. Now 5 of 3 is highly extended. Though there is no rule of 5 of 3 but there is another possibility also there 3 is already completed and 5 got extended. It is difficult to count sub waves of 3 very clearly. In both the situation 5 is very near to completed and one correction/reversal is possible.
For more clarity let’s see 1 min chart of Nifty from the low of 12046.65 separately.
In this chart again an impulse is very close to complete. It has gone very close to 50% of 0-3 which is at 12239. Next level at 61% is around 12256. Overall on impulse is very close to complete and one good correction is about to happen. I personally do not advise to be in buy now. Also like to wait for one quick reversal zone at the top which will break higher high and higher low pattern in this chart. Than go short. Traders having short may put SL above 12285 and can hold the same. Trader having buy position may hold with SL below 12135.