Nifty 50 Elliott wave Analysis for NSE:NIFTY by mhdebasis

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Nifty may have completed first cycle of wave V @ 15431 which was 1.618 Fib Retracement of the whole Down Move in Feb-Mar 2020.Generally Corrective waves retraces around 38.2-50% of the move.So I am expecting to retest 12400 which was earlier Nifty high.

This holds true till 15430 is not taken out otherwise it will be fifth wave extension and can go to 16400.

Comments

· TradingView for iOS

If it takes out 15471 which is above wave 5 as extension to wave 5 when what would ABC would stand for as shown now . This is what wave count taken as confusing all the time .
Or can we consider new bull market starts for 5 waves than considering extension of wave 5 . Pl comments.

JagdishKumarPahuja

· TradingView for Android

@JagdishKumarPahuja If high is taken out we will see fifth wave extension of the fifth wave.which is double impulsive wave extension.We are in V wave in yearly cycle so in larger time frame we are near end of wave I there will be a pullback wave II.

mhdebasis

@mhdebasis,

It means we should be ready to sell all our stocks ,because wave II on larger time frame on yearly cycle would be fast & may correct up to 61% or more.

Pl do confirm . I am now worried.

Also if you can post a chart on yearly cycle chart. Thanks & regards

JagdishKumarPahuja

@JagdishKumarPahuja,

Yes if we start wave II ,we should retrace 38.2-61.8%.