Nifty daily chart shows the fifth wave is still under formation and may require some mode candles to complete the wave.
So when we zoom in and check the Nifty hourly chart, it shows the 3rd wave is subdividing and is probably in the 4th sub of its 5 wave impulse. Currently market may be pausing for 30 min or few hours to complete the 4th of 3rd wave and then zip move up to complete the 5th of 3rd to complete the 3rd wave. After this market may spend good amount of time forming the 4th of 5th wave.
The same view is supported by the 5 min wave chart as well.
We can refer to the post of 14th for the possible target zones.
Nifty Elliott wave labeling on daily chart:
Nifty Elliott wave labeling on hourly chart:
Nifty Elliott wave labeling on 5 min chart:
Nifty hourly chart with 9 RSI & 35 D:
So when we zoom in and check the Nifty hourly chart, it shows the 3rd wave is subdividing and is probably in the 4th sub of its 5 wave impulse. Currently market may be pausing for 30 min or few hours to complete the 4th of 3rd wave and then zip move up to complete the 5th of 3rd to complete the 3rd wave. After this market may spend good amount of time forming the 4th of 5th wave.
The same view is supported by the 5 min wave chart as well.
We can refer to the post of 14th for the possible target zones.
Nifty Elliott wave labeling on daily chart:
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