Nifty
So an Equality [this will ask for wave 5 to be shorter than wave 1/3] to wave 1 will have a target of 5192.75 for wave 3. If wave 3 is 1.618 times wave 1 then it will have a target of 5231.85 or 2.618 times wave 1 then
will have a target of 5295.15. Let us wait and see which one market chooses.
Nifty Elliott wave analysis for hourly chart:
Nifty Elliott wave analysis for 5 min chart:
Nifty PivotTable:
Nifty has spent good amount of time in the second wave
considering the swift move of wave 1. It appears like the undercurrent for the upmove
is so much that the wave 2 was a flat correction retracing only 24% as part of
the ‘a’ which is a double zigzag. Next move up started unfolding like a zigzag
again and moved beyond the origin of wave ‘a’, actually reaching 106.84% of
wave ‘a’. This indicated that the wave ‘c’ of the flat [3-3-5] which is an
impulse down may overshoot a=c. Infact it almost kissed 2 x c [short of only
0.25 points].
With this Nifty seems to have completed wave ‘2’ as per
Elliott Wave analysis. Now the very obvious and violent wave ‘3’ to unfold.
Given the recent past experience of multiple resistnace zones near 5180
[5175/5185/5195/5205 etc….] wave ‘3’ may subdivide and may have multiple
corrections within it.
Nevertheless this wave has to be swift. If not then it will
rise concerns on the wave count and possible downside.
Wave start
|
Wave End
|
Length
|
Ratio
|
Alt
|
||
5095.55
|
5131.4
|
35.85
|
||||
5131.4
|
5120.8
|
10.6
|
0.295676
|
|||
1
|
5095.55
|
5158.85
|
63.3
|
TRUE
|
58.0053
|
5178.805
|
2
|
||||||
a
|
5158.85
|
5143.5
|
15.35
|
0.242496
|
||
b
|
5143.5
|
5159.9
|
16.4
|
106.84%
|
||
c
|
5159.9
|
5144.55
|
24.8363
|
30.7
|
||
5135.064
|
5129.2
|
|||||
3
|
5129.45
|
5192.75
|
5231.869
|
5295.169
|
||
will have a target of 5295.15. Let us wait and see which one market chooses.
Nifty Elliott wave analysis for hourly chart:
Nifty Elliott wave analysis for 5 min chart:
Nifty PivotTable:
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