Nifty appears to have completed the corrective move down in daily chart. It took support near the daily trend line yesterday. Which probably have completed the wave 'd' of the ending diagonal of the wave 'C'. And the next possible move move is up to complete the wave 'e' of the diagonal.
However a closer look at the hourly chart indicates that only wave 'c' of the ending diagonal of the minor wave 'c' of the current correction might have been completed so far. Which means a small up move to complete the wave 'd' and another down move to complete wave 'e' is still pending.
Let us closely observe the market movement today to confirm this. Market should decisively move up [if it is following the daily label] or slowly move up and then drop [if it follows the hourly label].
Nifty Daily Elliott Wave chart:
Nifty Hourly Elliott Wave chart:
However a closer look at the hourly chart indicates that only wave 'c' of the ending diagonal of the minor wave 'c' of the current correction might have been completed so far. Which means a small up move to complete the wave 'd' and another down move to complete wave 'e' is still pending.
Let us closely observe the market movement today to confirm this. Market should decisively move up [if it is following the daily label] or slowly move up and then drop [if it follows the hourly label].
Nifty Daily Elliott Wave chart:
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