Nifty seems to have entered the wave C of the flat correction in wave 4 of wave C up. Monday's move appear like the wave 1 & wave 2 sub waves of wave C. Since we are counting this wave 4 as a flat, which means the wave a and wave b both are having three sub waves a-b-c and the current wave c is expected to subdivide into 5 sub waves. This may go up to c=a or c=1.618x a. Let us wait and watch. There is another posibility that this may be less than a as well. At a minimum this has to go at least 0.618 x a. Wave a was 5719.60 to 5638.90 = 80.70. So c will be a minimum of 49.87 (5735.05 - 49.87) = 5685.17, c=a => 5654.35, c=1.618x a = (-130.5726) = 5604.47
Daily chart:
Daily chart with 9 RSI :
Hourly chart:
Hourly chart with 9,14 RSI & 35 D:
5 min chart with Elliott wave labeling:
Daily chart:
Hourly chart:
Hourly chart with 9,14 RSI & 35 D:
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