As noticed yesterday, Nifty did not show the characteristics
of an impulse move down. Hence the alternative count is the most preferred count.
Now two scenarios emerges again as per Elliott Wave analysis,
a. yesterday’s low
5093.55 could be the ‘b’ of ‘b’ or ‘b’ of ‘C’. Depending on whether c=a or
c=1.618 times ‘a’ this may target 5186.4 or 5243.781
|
a
|
5041.8
|
5134.65
|
92.85
|
|
|
b
|
5134.65
|
5093.55
|
41.1
|
44.26%
|
|
c
|
5093.55
|
5186.4
|
5243.781
|
|
|
|
|
c=a
|
c=1.618*a
|
|
b. Another possibility is ‘B’ is completed at 5041.80 as an
expanding triangle starting from 5124.35 and ‘C’ is in progress. In that case
if c=a then target could be “5396.15” and if c=1.618 times ‘a’ then target
could be “5615.10”
|
a
|
4770
|
5124.35
|
354.35
|
|
|
b
|
5124.35
|
5041.8
|
82.55
|
23.30%
|
|
c
|
5041.8
|
5396.15
|
5615.138
|
|
|
|
|
c=a
|
c=1.618*a
|
|
Nifty Elliott Wave analysis - Hourly Chart
Nifty Pivot table:
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