padiyaraa
Short

Nifty:9913 Resistance Line Retested with pin bar in weekly chart

NSE:NIFTY   Nifty 50 Index
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Yesterday Nifty' made a small spinning top is showing strong Resistance at 9949
while the current support is 9700. As I mentioned earlier it cannot move higher and
the Aug series expiry is expected near 9800

While keeping a long term Bullish scenario in mind,
I expect Nifty' to make a correction towards 9300 in the next series.
The Channel Resistance beautifully touched
Isn't log mode for this monthly chart more appropriate? In log mode You will notice wave I
as wave 3 and II as wave 4. Wave since 2009 looks to be 5th wave (progressing as ? Ending diagonal).
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padiyaraa vsarode2
@vsarode2, it all quiet confusing :D
It is probably the best way to use percentages or log scales when measuring Wave length.
Elliott Wave indicates that Wave 3 must exceed the high of Wave 1.
Failure to exceed this high would call for a re-count. Here the wave(4) is deeper than normal.
Many issue are there, let us move with best suitable one, till further clarity emerges.
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