Nifty seems to have done the wave 3/c near yesterday's high at 5376.45 short of 1.55 points from the equality target of 5378. Although there is another possibility still exists, i.e 1.618 of wave a/1 which will take it to near 5510 range. This will be clear once the current correction completes.
Reviewing the 5 min chart shows yesterday's final hour fall was impulsive and most likely has completed wave 4 and a small dip to near 5326 is possible. It is not very clear whether it has already completed the 5 waves to form wave a and started the wave b.
Nifty Elliott wave labels on daily chart:
Nifty Elliott wave labels on hourly chart:
Nifty Elliott wave labels on 5 min chart:
Nifty 9 RSI & 35 D on hourly chart:
We can observe a minor divergence in the chart. Need to see how much correction this can yield.
Reviewing the 5 min chart shows yesterday's final hour fall was impulsive and most likely has completed wave 4 and a small dip to near 5326 is possible. It is not very clear whether it has already completed the 5 waves to form wave a and started the wave b.
Nifty Elliott wave labels on daily chart:
Nifty Elliott wave labels on hourly chart:
Nifty Elliott wave labels on 5 min chart:
Nifty 9 RSI & 35 D on hourly chart:
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