Short term wave counts are not satisfactory. The overall shape of the wave is not convincing, even though I have tried my best to label it. Only in the daily chart the so far the wave count seems to be fine and the overall shape is also satisfactory.
Hence we need to be very cautious in taking position based on the short term wave counts [both 5 min and hourly charts are not looking good for the past two-three days]. In the sub wave 3 of 5 we do not see the aggressiveness of the 3rd wave which is the main characteristics of it.
Hence I have tried other few alternatives at this stage which are contained in pink lines - the expanding triangle in the 4th sub wave of 5th wave.
We can also see that the channel lines drawn in red, market touched the upper end of this channel lines yesterday evening.
However in the 9 RSI [red line] and 35 D [blue line] we do not observe a negative divergence yet. They ate still rising in the overbought territory.
Nifty Daily Elliott wave labeling:
Nifty hourly Elliott wave labeling:
Nifty 5 min Elliott wave labeling:
Nifty hourly chart with 9 RSI and 35 D:
Hence we need to be very cautious in taking position based on the short term wave counts [both 5 min and hourly charts are not looking good for the past two-three days]. In the sub wave 3 of 5 we do not see the aggressiveness of the 3rd wave which is the main characteristics of it.
Hence I have tried other few alternatives at this stage which are contained in pink lines - the expanding triangle in the 4th sub wave of 5th wave.
We can also see that the channel lines drawn in red, market touched the upper end of this channel lines yesterday evening.
However in the 9 RSI [red line] and 35 D [blue line] we do not observe a negative divergence yet. They ate still rising in the overbought territory.
Nifty Daily Elliott wave labeling:
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