Nifty was expected to move near to 5350 range to complete the 5 wave decline which will mark the wave 'a' of zigzag. However so far it came near to 5371 and spent a lot of time consolidating without much of retracement. This type of movement is quite observed in the 4th wave. This may be an indication that another small dip is expected before a retracement in wave 'b' of the zigzag.
Ultimately Mr. Market is the supreme. We shall observe the clues to see the possible movement.
Elliott wave labeling on Nifty daily chart:
Elliott wave labeling on Nifty hourly chart:
Elliott wave labeling on Nifty 5 min chart:
9 RSI and 35 D on Nifty hourly chart:
Ultimately Mr. Market is the supreme. We shall observe the clues to see the possible movement.
Elliott wave labeling on Nifty daily chart:
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