Nifty high made at 5815 seems to be an ending diagonal which will be observed either in wave 5 or as part of wave c. In our case this can be considered as wave c. Currently nifty is in the correction mode and last three days movement looks like a leading diagonal which has the sub waves 5-3-5-3-5. This could be wave a of the a-b-c correction. Or this could be wave 1 of a bigger fall. As on yesterday evening it appears like it has completed the wave and next movement will be a retracement of this fall. This may typically go up near 5751 which is 61.8% range of this fall.
Nifty Daily Elliott wave labeling:
Nifty hourly Elliott wave labeling:
Nifty 5 min Elliott wave labeling:
Nifty hourly chart with 6, 14 RSI & 35 D:
RSI has reached oversold region but has not given a buy signal yet. Today market may open gap up. If this gap up is anything around 50-60 points then that may complete the wave a of this correction move. We have to wait for a pullback again to re-enter (if not already entered this up move). Given the time taken for the current move down which is approximately 5 days, this a-b-c correction may take nearly 2-3 days to complete. Further the down move may be violent.
Nifty Daily Elliott wave labeling:
Nifty hourly Elliott wave labeling:
Nifty 5 min Elliott wave labeling:
Nifty hourly chart with 6, 14 RSI & 35 D:
RSI has reached oversold region but has not given a buy signal yet. Today market may open gap up. If this gap up is anything around 50-60 points then that may complete the wave a of this correction move. We have to wait for a pullback again to re-enter (if not already entered this up move). Given the time taken for the current move down which is approximately 5 days, this a-b-c correction may take nearly 2-3 days to complete. Further the down move may be violent.
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