NIFTY... ELLIOT WAVES COUNTING....
Updated
Dear friends,
As we see in the chart, Nifty is correcting rapidly from an all time high level.
While counting the Elliot waves, we can see that waves 1 and 3 on the downside have been completed.
The five waves of wave 3 are shown in the chart.
Now we can expect wave 4, which is likely to consolidate for a few days.
Wave 4 is likely to have moves on either sides and it can form a zig zag or a flat or a triangle pattern. I had shown a flat pattern of wave 4 in the chart.
As per my view, the right time to invest will be at the end of wave 5 which is likely to be around 24000 to 24300 levels.
Get ready to ride the bumpy wave 4 guys!
Trade with appropriate stoploss.
As we see in the chart, Nifty is correcting rapidly from an all time high level.
While counting the Elliot waves, we can see that waves 1 and 3 on the downside have been completed.
The five waves of wave 3 are shown in the chart.
Now we can expect wave 4, which is likely to consolidate for a few days.
Wave 4 is likely to have moves on either sides and it can form a zig zag or a flat or a triangle pattern. I had shown a flat pattern of wave 4 in the chart.
As per my view, the right time to invest will be at the end of wave 5 which is likely to be around 24000 to 24300 levels.
Get ready to ride the bumpy wave 4 guys!
Trade with appropriate stoploss.
Trade closed: target reached
As expected, wave 4 kept moving sideways for a few days but didn't trouble much and then wave 5 reached our target zone.
We may see the final leg of the correction in the coming days, which is likely to be the low for this year. Expecting a recover soon.
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