dhinesh_kumar

Elliott wave analysis # wave 4 correction

NSE:NIFTY   Nifty 50 Index
Up trend is not yet started. It is part of wave 4 correction. Check the chart for more details.
Comment: Updated wave count

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What is perplexing is - if wave 3 ended at 15915.65 on 28th June, wave 4 which is a retracement has already exceeded that high and it seems to be getting extended(???) with each passing day. Further a combination correction which obviously it is, the triangle is always the final corrective structure, which is not the case here. In ABC running flat B can reach higher than the start of A, which does not seem to be applicable here but yet the wave have gone higher. Wave 4 is usually a retracement which is not corrective but here it is behaving like a corrective wave. Pardon my ignorance but I feel discussion with a more experienced person is the only way to learn, unless you don't want to get dragged into one.
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dhinesh_kumar sanketsudan
@sanketsudan, Sir I'm very much happy to share my experience.

In expanded or running flat, we know wave B can move beyond the start of wave A. Like wise, wave X can move higher than the start of wave W. I expected this upmove could be wave X, but only double-correction is possible in wave X. Here it is going to be triple-correction. So this upmove should be wave B of expanded flat.

I hope I understood your question correctly and answered for that.
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sanketsudan dhinesh_kumar
@dhinesh_kumar, Thanks for a quick reply. It was pretty useful in enhancing my understanding of the concepts.
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