As per Elliott Wave analysis of
daily chart, nifty is heading to a high [labeled dark
green a-b-c-d & ‘e’ pending], low & bounce [a-b in dark red (‘c’ is pending) or i-ii in Turquoise, iii-iv-v are pending]
Option I:
Nifty is in a-b-c-d-e of a
leading diagonal. This usually observed in wave 1 of an impulse or wave A of a
zigzag. So far the internal sub waves adhere to the rules of leading diagonal
i.e 5-3-5-3-5. The last
‘5’ is yet to unfold. If market takes this option then we should be bouncing
from yesterday’s low which slightly over shoot the line drawn from the beginning of the wave to wave ‘b’ end. It
may peak at around 5370 range and then an a-b-c to unfold.
Option II:
Nifty is heading up in a
corrective wave a-b-c and so far has completed a & b. Currently ‘c’ in the
forming. Which again might have completed a & b is almost done or it might
go upto the green line which is somewhere around 5200-5220 range. Then a move
up to complete the sub wave ‘c’ of bigger ‘c’. This is represented in dark red
color in the chart.
Option III:
Nifty is heading up in an impulsive move to complete
the large ‘C’ structure in 1-2-3-4-5. Of this wave 1 & 2 might have
completed and wave 3 in the forming. Of this wave 3 the sub waves i [completed]
& ii [developing or might completed yesterday]. It should move up
impulsively in iii of 3. Then iv & v to unfold which will complete the ‘C’.Nifty Elliott Wave analysis of Daily chart:
Nifty pivot Table;
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