Nifty took 5348 as the end of ‘e’
wave of Elliott wave analysis and dropped sharply to 5217 range. This drop
looks like has completed the wave ‘A’ and wave ‘B’ is in progress.
Elliott Wave count of this
correction is detailed in the 5 min chart analysis below.
Elliott wave count for Nifty 5
min chart:
Wave ‘a’ of the correction is
done. Wave ‘b’ has completed the sub waves ‘a’ & ‘b’. Wave ‘c’ of the wave
‘b’ is in progress and requires another 11.30 [if it is a=c] or 24.28 [if
c=1.618 x a]
|
a
|
|
|
|
|
|
a
|
5217.8
|
5231.25
|
13.45
|
|
|
b
|
5231.25
|
5226.95
|
4.3
|
31.97%
|
|
c
|
5226.95
|
5240.4
|
5248.712
|
|
|
|
|
c=a
|
c=1.618*a
|
|
|
|
|
|
|
|
|
b
|
|
|
|
|
|
a
|
5251.95
|
5230.95
|
-21
|
|
|
b
|
5230.95
|
5244.95
|
-14
|
66.67%
|
|
c
|
5244.95
|
5223.95
|
5210.972
|
|
|
|
|
c=a
|
c=1.618*a
|
|
|
ZigZag
|
|
|
|
|
|
a
|
5217.8
|
5251.95
|
-34.15
|
|
|
b
|
5251.95
|
5223.95
|
-28
|
81.99%
|
|
c
|
5223.95
|
5258.1
|
-34.15
|
100.00%
|
Now this could be just a minor piece.
At the bigger picture we may be forming the 4th wave of the upper
move which I shall explore more in detail in next post [mostly for the weekend].
For now let us go with the above wave count and trade the market.
As per Elliott Wave analysis
Nifty is heading into a correction mode right now. The depth of the correction
is to be known.
One can refer to the timely
alert yesterday afternoon about a possible trade opportunity
at the completion of ‘A’.
Nifty Elliott Wave analysis of Daily chart:
Nifty Elliott Wave analysis of 5 min chart:
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