Nifty Elliott wave count on daily chart shows that it is probably in a x wave of which a-b-c might have completed as on yesterday. However It might also be the beginning of a impulsive wave up for the big c.
At this moment I would like to keep both the options open and work on it till a clear picture emerges. Above daily chart shows the Elliott wave labeling.
Hourly chart is labeled with all the options. We can see three options here:
1. If this is the completion of the a-b-c of x wave then we should start seeing the down move from now.
2. If this is the sub-divisions of the a wave of which i-ii-iii are done. iv & v are pending. Then we should see the correction to end near the previous (iv) wave and a move up to the channel top to complete the wave five. That should form the wave a. Then wave b & c to follow.
3. If this is the impulsive wave c then the current formations are part of the wave 1 and its sub-divisions are similar to the option 2.
Elliott wave labeling or counting on the 5 min chart:
At this moment I would like to keep both the options open and work on it till a clear picture emerges. Above daily chart shows the Elliott wave labeling.
Hourly chart is labeled with all the options. We can see three options here:
1. If this is the completion of the a-b-c of x wave then we should start seeing the down move from now.
2. If this is the sub-divisions of the a wave of which i-ii-iii are done. iv & v are pending. Then we should see the correction to end near the previous (iv) wave and a move up to the channel top to complete the wave five. That should form the wave a. Then wave b & c to follow.
3. If this is the impulsive wave c then the current formations are part of the wave 1 and its sub-divisions are similar to the option 2.
Elliott wave labeling or counting on the 5 min chart:
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