munna907

Elliot Wave Analysis

NSE:NIFTY   Nifty 50 Index
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Comment: Wave (4) retraces 78.6% of wave (3) and perfectly valid wave count untill wave (4) is above wave (2).
Comment: RSI also giving positive divergence in 1 hr time frame.
Comment: Till now wave count seems perfectly well and (5)th wave in making. As Ending diagonal always formed with 3-3-3-3-3 wave count and today's move of (5)th wave must be in 3 wave too and further it seems that (a) leg of zigzag till 11570.00 and its exact 50% retracement in (b) leg is also completed.
Now (c) leg of zigzag need to be started for completing (5)th move and then a big fall is very obvious.
Comment: For upcoming (c) wave which shud be in 5 wave as this will be impulse wave,we shud wait untill 11570.00 level is breached which will be called minor wave (i) of wave (c) and after retracement of of minor wave (i) as wave (ii) only then entry shud be made for up move.
Comment: Fresh chart is updated in next post.
Trade active: (c) wave in making.