Nifty seems to have completed
‘iv’ th wave with a truncated ‘c’ wave of a flat correction. Note here that
wave ‘ii’ was a simple zigzag. So it seems like it has followed the alternation
guideline here. There also seems to be a triangle formation but is not
explored.
With respect to the wave count and target we will
continue our previous counts
as detailed yesterday. It appear like we have commenced the wave fifth ‘v’
. We need to closely monitor this for subdivision and possibility of extension.
Currently it got resistance near 5333.25 at yesterday evening. We need to watch
it carefully, of it falls below 5283 then it may be temporarily in a correction
or a possibility of a reversal.Nifty Elliott wave analysis of hourly chart:
Nifty pivot table:
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