Since the invalidation point was taken off in the opening, we have to re count the Elliott waves and this presents us the alternative for the move from 4770 to 5348.45.
On the daily chart we consider the move down from 5348.45 to 5169.1 as minor wave a which is a zigzag [a-b-c] completion. The move up from 5169.10 to 5256.30 as the minor wave b. Now the move down from 5256.30 as the progressing wave c. This may have targets like a=c equality 5160.55 or c=1.618 x a 5124.25. Since the market has already moved beyond 5160.55, we can think of the next level as the target in this case. This also comes very close to the 38.2% retracement of the move up from 4770 to 5348.45 at 5127.
Nifty Elliott Wave daily chart for nifty:
Nifty Elliott Wave hourly chart for nifty:
On the daily chart we consider the move down from 5348.45 to 5169.1 as minor wave a which is a zigzag [a-b-c] completion. The move up from 5169.10 to 5256.30 as the minor wave b. Now the move down from 5256.30 as the progressing wave c. This may have targets like a=c equality 5160.55 or c=1.618 x a 5124.25. Since the market has already moved beyond 5160.55, we can think of the next level as the target in this case. This also comes very close to the 38.2% retracement of the move up from 4770 to 5348.45 at 5127.
Nifty Elliott Wave daily chart for nifty:
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