Nifty appear to be completing the 5th wave of the minor wave 'a' of the ending diagonal of wave 'e' of the major wave 'c' up. It may be left with another 5 to 20 points (may be upto 5430 range as well) to complete the wave 5 or probably it is already done.
This indicates that market will enter the more time consuming wave 'b' phase. This is more unpredictable phase were it may take any complex shape to frustrate the trader.
Anyway I have given most probable wave labeling in day, hour & 5 min charts below.
Nifty daily chart with Elliott Wave labeling:
Nifty hourly chart with Elliott Wave labeling:
Nifty 5 min chart with Elliott Wave labeling:
This indicates that market will enter the more time consuming wave 'b' phase. This is more unpredictable phase were it may take any complex shape to frustrate the trader.
Anyway I have given most probable wave labeling in day, hour & 5 min charts below.
Nifty daily chart with Elliott Wave labeling:
Nifty hourly chart with Elliott Wave labeling:
Nifty 5 min chart with Elliott Wave labeling:
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