Nifty dripped further towards 5312.75 and did a small bounce. Nifty might have completed the wave 'a' of the correction and it might retrace this fall in wave 'b'. We can observe a positive divergence in the hourly chart for 9 RSI and 35 D.
I have added a new chart in the daily charts list with a possible labeling for the bigger picture. It may be that we are in an ending diagonal in wave C of wave B. We can refer to the monthly count as well for reference.
We shall observe how will Mr. Market move for this expiry week where we have only two days left. This week is also important as this is the week to assert the weekly as well as monthly trend. Both have turned up few day ago but is interesting to see whether it will remain that way or will turn down. For it to remain in the up trend we have to move up in the minor wave 'b' as a retracement to the last three day's fall.
Nifty Elliott wave labeling on daily chart: - Alternate counting for the bigger picture:
Nifty Elliott wave labeling on daily chart:
Nifty Elliott wave labeling on hourly chart:
Nifty Elliott wave labeling on 5 min chart:
Skipped this chart as the labeling is not convincing.
Nifty hourly chart with 9 RSI and 35 D:
Observe the positive divergence emerged late in the afternoon yesterday. We need to see how this will pay out today. Will it give a reasonable bounce in wave 'b'?
I have added a new chart in the daily charts list with a possible labeling for the bigger picture. It may be that we are in an ending diagonal in wave C of wave B. We can refer to the monthly count as well for reference.
We shall observe how will Mr. Market move for this expiry week where we have only two days left. This week is also important as this is the week to assert the weekly as well as monthly trend. Both have turned up few day ago but is interesting to see whether it will remain that way or will turn down. For it to remain in the up trend we have to move up in the minor wave 'b' as a retracement to the last three day's fall.
Nifty Elliott wave labeling on daily chart: - Alternate counting for the bigger picture:
Nifty Elliott wave labeling on daily chart:
Skipped this chart as the labeling is not convincing.
Nifty hourly chart with 9 RSI and 35 D:
Observe the positive divergence emerged late in the afternoon yesterday. We need to see how this will pay out today. Will it give a reasonable bounce in wave 'b'?
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