All description is mentioned on the chart. As per Elliot Wave Theory. There are five impulsive waves, namely 1, 2, 3, 4 and 5 and thereafter three corrective waves namely A, B and C. The Nifty Monthly Chart is showing and proving the Elliot Wave. I have marked Elliot wave counts since 2003. The completion months and levels of all the five impulsive wave and corrective wave A have been marked on the chart. It is highly possible that wave B has also completed at 10553 because it is 61.8% level of the corrective wave A. So the current moves of Nifty are very important and interesting. Please share your views.
can you tell me in your chart wave 2 is which kind of correction zig zag or any complex pattern kindly specify.Thanks.
Gopal_Dhamija
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As per Elliot Wave Theory. There are five impulsive waves, namely 1, 2, 3, 4 and 5 and..... read carefully and follow the rules !!
and then see your 3rd wave !
anandchha
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@Gopal_Dhamija, You are right, it is also possible that 12430 may be 3rd Super Mega Wave, even in that case also we expect an ABC or a complex correction once 3rd/5th wave is completed. So in that case also 7511 is A and 10550 is B, because it is 61.8% of wave A, and we may see a deep down C below wave A in coming days. Please share your view even if that is against my opinion. Your comment would certainly provide a different perspective for thinking.Thanks for seeing and commenting.
Anand
Karu142
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If as per your analysis this is wave B then at what level Wave C will complete
anandchha
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@Karu142, As per Elliot wave theory wave C is expected to complete anywhere below wave A.