Nifty Elliott wave analysis for 19april 2021

NSE:NIFTY   Nifty 50 Index
In nifty 45min chart from 15431 to 14249 its looks like a corrective decline as of now.
If we see the internal structure of this decline then its looks like a Triple zigzag correction where,
15431-14468 1st abc
14468-15336 Link wave X
15336-14264 2nd abc
14264-14984 2nd link wave
14984-14249 3rd abc
From 14249 bounce is already started and we need to see whether its a sustainable bounce or not. for that lets check its internal wave count.
From 14249 wave (a or i) and wave (b or ii) is completed at 14449 and 14353 respectively and from 14353 wave (c or iii) is running and in (c or iii) wave (1), (2), (3) and (4) is completed and from 14585 we may see bounce as wave (5). Projection of that wave (5) is coming at 14714-14793.
14610-14561 is support range for nifty and if it trades below 14561 then it can turn negative again.
after achieving 14714-14793 retracement range will be change accordingly.


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