Nifty Elliott wave analysis for 02-08-2012

Nifty seems to have completed the current up move. This could be wave a or wave i of the wave x. Or it could be a completion of a-b-c and inturn the completion of wave x. In either case a short term correction is expected from this level.

In the hourly chart we can count the waves in different ways. Most relevant one is marked between the green lines and labeled in blue color. There is also a probability that the current up move is a leading diagonal and that is drawn between the red lines.