One way to look at Nifty from Elliott wave analysis perspective is to see that a minor wave 'b' is in progress and has completed its internal wave 'b' and is proceeding with the 'c' wave. If this argument holds good then it may face resistance near 5124/5 which is a=c equality target and then reverse from here to yet another a=c equality target of 4977 a length of 148. However the golden ratio 61.8% of the 'a' wave will come near 5133 and this minor 'b' may extend upto that point. In that case the 'c' may 4985. This is very close to the 50% retracement of the rise from 4770 to 5189 at 4980.
Alternative:
Nifty internal subdivisions as per Elliott Wave analysis:
Pivot table and key averages:
Currently my wave notations kind of haphazard, I shall standardize it shortly. I shall add the bigger picture wave's as well shortly.
Alternative:
Nifty internal subdivisions as per Elliott Wave analysis:
Pivot table and key averages:
Currently my wave notations kind of haphazard, I shall standardize it shortly. I shall add the bigger picture wave's as well shortly.
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