Nifty seems to have completed a
5 wave fall. According to Elliott wave analysis the move down from 5348.55 to
5217.80 can be counted in two ways. Wave ‘i’ starting from 5348.55 and wave ‘i’
part of the wave ‘c’ starting from 5335.45. In either case we seem to have
completed the 5th wave and market is moving outside the channel line
as shown in the chart. This can be counted as wave ‘b’ or starting of next wave
up.
Following is the Fibonacci retracement
table for the above two cases:
|
From
|
To
|
Fall/Rise
|
23.60%
|
38.20%
|
50%
|
61.80%
|
73.60%
|
80%
|
|
5335.4
|
5217.8
|
118
|
5246
|
5263
|
5277
|
5290
|
5304
|
5312
|
|
5348.45
|
5217.8
|
131
|
5249
|
5268
|
5283
|
5299
|
5314
|
5322
|
Nifty Elliott wave analysis of 5 min chart:
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