Nifty seems to have completed the 5th wave yesterday and commenced the next correction. Now this 5th is the end of wave C or is the end of wave 1 of wave C is to be confirmed. This is discussed in length yesterday.
Nifty daily Elliott Wave chart:
The current 5 wave advance can be viewed as a leading diagonal as well, which is 5-3-5-3-5. This implies that the current move can be only wave 1 of the five waves of wave c. In such case the current correction should not go beyond 5033, which is the begining of wave 1.
Nifty hourly Elliott Wave chart:
Nifty seems to have done wave 1 of the 5 waves of the wave a of this a-b-c correction.
Nifty 5 min chart with Elliott Wave labeling:
Of the 5 wave move down, wave 3 seems to have sub divided and the 5 waves of this sub divisions are over. Currently Nifty might be correcting the 1-2-3 which is done so far as the wave 4. Wave 5 might still be pending and which might again sub divide to reach somewhere near the 5350 range which is 28% retracement of the current rise from 5033 to 5448.45.
Nifty hourly chart with 9 RSI and 35 D:
Multiple negative divergences, it is quite well uncovering now in the form of the down move.
Nifty daily Elliott Wave chart:
Nifty hourly Elliott Wave chart:
Nifty seems to have done wave 1 of the 5 waves of the wave a of this a-b-c correction.
Nifty 5 min chart with Elliott Wave labeling:
Nifty hourly chart with 9 RSI and 35 D:
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