I have done some inner wave changes in wave (5). Refer the chart for more details.
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In my last analysis, I said the rally (wave 5) has started. But wave 4 was not completed. Even though it is still in wave 4, there should be temporary up-move to recent high where wave B of 4 completes.
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Updated wave count
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Wave Y completed today. After then wave formation confirmed further upside, maybe for wave Z. If so, the correction may take 2-3 days and sideway correction. If forming something else, I will update.
For an extended wave 4, the leg WXY promises to be fairly big. Do you mean wave B of (X) in the last sentence above? I thought C was in progress as per your chart above! C should terminate at a maximum of 161.8% of wave AB. Pardon my ignorance but am trying to tap your expertise in enhancing my understanding of the concepts of Elliott Waves.
dhinesh_kumar
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@sanketsudan, Sir, The fall from 6Jul high is a flat correction and AB completed on 7Jul. An impulse fall (wave C) from 7Jul high completed on Friday and the wave formation from Friday low looks like moving higher.
The overall correction from 28Jun-9Jul could be double-three correction. But if we look Banknifty, wave B/X is still pending. So by combining Nifty and Banknifty analysis, I derived this possibility in Nifty. {If we look Nifty alone, the up-move from day-low to day-high on Friday is ABC and after then the wave formation suggests further up-side. So the ABC could be wave A of flat of next up-move.}
Now in Nifty, either wave B/X is not yet completed (as described in the above chart) or going to form triple-three correction after this up-move.
sanketsudan
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@dhinesh_kumar, Thanks. This has become so interesting with the complex correction unravelling its intricacies!