Nifty Elliott Wave daily count
shows that it is still short of another 25-30 point to complete the wave C (of
wave a?). However if the current bounce amounts to wave iv of the C then we can
even count the complete movement of yesterday as an irregular b wave of iv as
shown in the 5 min wave chart below.
This may go up to 5075 range,
however restricting it self to 5090 range will be more desirable. But a=c
equality may take it to the former range.
To see the things little
simpler way, I have created a line chart of the closing price of each day. This
makes the labeling lot simpler :-)
Hourly count is shown below:
Elliott Wave count of this correction
is detailed in the 5 min chart analysis below.
Elliott wave count for Nifty 5
min chart:
Elliott Wave count suggests that Nifty is currently
forming the ‘C’ in an impulsive move down. So far it has completed i,ii, iii
& iv . [Alternatively we can also view that the truncated fifth wave was
completed yesterday at 5103.65] A dip to 5075-90 range may confirm the wave v
(five). This may complete the wave ‘C’ (of ‘a’?). Then market should be heading
high
One more interesting point to observe it the Bullish Harami Cross formation yesterday in the daily chart
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