Nifty seems to have not completed the 5th wave as discussed yesterday. Probably it might be in a verge to complete it.
There is another possibility that I'm thinking which I have labeled in the hourly chart. It might be that we have completed the a & b waves and we might be in the wave c. The chances of this are bleak but we need to be watchful.
Other than these, we are almost in line with the daily labeling and the channel i.e, the ending diagonal trend line is almost near now. But market took only three days to reach up to this point. Hence it might take a breather [wave b] before climbing fast to kiss the trend line [wave c] to reverse the complete trend to bearish for a long time.
Nifty daily Elliott wave labeling:
Nifty hourly Elliott wave labeling:
Nifty 5 min Elliott wave labeling:
Nifty daily chart with 9 RSI:
There is another possibility that I'm thinking which I have labeled in the hourly chart. It might be that we have completed the a & b waves and we might be in the wave c. The chances of this are bleak but we need to be watchful.
Other than these, we are almost in line with the daily labeling and the channel i.e, the ending diagonal trend line is almost near now. But market took only three days to reach up to this point. Hence it might take a breather [wave b] before climbing fast to kiss the trend line [wave c] to reverse the complete trend to bearish for a long time.
Nifty daily Elliott wave labeling:
Nifty hourly Elliott wave labeling:
Nifty 5 min Elliott wave labeling:
Nifty daily chart with 9 RSI:
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