Nifty Elliott wave update 3Aug

NSE:NIFTY   Nifty 50 Index
From 15511 an impulse wave is started and in that impulse wave iii is not extended(means projected less than 161%) that is why wave v should be extended as per the rule of alteration. So wave v started from 16438 is extended after breaking above 17205(61% projection of wave v). Now Nifty may decline towards support range 16948-16675 from given resistance range. 16675 is downside breakeven point for Nifty.


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