NSE:NIFTY   Nifty 50 Index
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After making a high of 8968, Nifty has been in a corrective mode.

It is making a classic WXYXZ pattern, in which, its in the last wave down. In the next 10 days or so it should be able to complete the move down. This will be more clear in the coming days. However it appears that after an initial bounce to 8400 levels Nifty should correct to around 8100 levels.
Good work Rakesh. One observation - The entire move from the last X looks like a clean 5 wave impusle, does'nt it. If so it does not bode well for the bulls. Your views ?
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@ShanTrader,
Hi. Yes it is. Seems like a 5-3-5 under formation, should retrace abt 38% and then down to around 7800 or thereabouts..in another 5 wave move but slower.
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ShanTrader RakeshKohli-Elliotician
@RakeshKohli-Elliotician, Thanks. Yes, that is surely one possibility from here on... It has to take out 8000 to confirm this further.
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Wow! Here we are at 8100. Now can we expect some correction upside or (Z) can go deeper than that ?
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@nirav5, Hi Nirav,

The charts have been updated. We should go up & then down..
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nirav5 RakeshKohli-Elliotician
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