In the current form Nifty appears to have completed the flat
correction in wave B. Yesterday late in the trading it appears to have
commenced or started the wave C upwards.
Wave B looks like is a very complex flat a-b-c. The sub wave
‘a’ seems to be very steep, from 5189.4 to 5041.80 completed in nearly 5 hours.
The sub wave ‘b’ of this flat almost took 32 hours to complete. This itself was
a very complex pattern with wave ‘a’ as a triangle, wave ‘b’ a simple zigzag
and wave ‘c’ again a complex zigzag. The final wave ‘c’ of the flat was a clear
5 wave down from 5194.55 to 5095.55. If
this marks the completion of wave ‘c’ then in this case the wave ‘c’ is a
truncated wave. This is perfectly allowed in Elliott Wave rules for the Flat
wave.
Flat
|
||||
a
|
5189.4
|
5041.8
|
147.6
|
|
b
|
5041.8
|
5194.55
|
152.75
|
103.49%
|
c
|
5194.55
|
5095.55
|
99
|
67.07%
|
Nifty Elliott wave analysis 5 min chart:
Nifty pivot table:
GVQ5JFKE68CR
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