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).
padiyara
⋅
@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.
as wave 3 and II as wave 4. Wave since 2009 looks to be 5th wave (progressing as ? Ending diagonal).