As per Elliott Wave analysis of
monthly chart, there appears to be a leading diagonal formation. This happens
in the I’st wave of an impulse/triangle. Currently it might be forming the ‘d’
of this leading diagonal. An ‘e’ may still be pending. Which will be followed
by a major correction in wave 2 and that may span for few weeks. Which even
frustrate the normal people.
Currently Nifty seems to have
completed ‘v’ th wave of ‘c’ wave of the leading diagonal. Wave ‘d’ of the leading
diagonal is in progress. This is more evident in the daily chart. It may find
support at or near the line connecting the starting of the wave at 4770 to the
end of wave ‘b’ at 5095.55. This support may come somewhere near the 5280 [very
precisely at 5281.4 with equality of a=c in an almost flat correction. If ‘c’
is 1.382 times wave ‘a’ then it may 5264.10
Nifty Elliott Wave analysis of Daily chart:
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