chirag_Khasiya

Nifty Elliott wave analysis of Daily chart as on 17oct 2020

NSE:NIFTY   Nifty 50 Index
In daily chart from 7511 wave (1), (2), (3) and (4) is completed at 9039, 8055, 11794 and 10790 respectively and from 10790 wave (5) is started and projection of wave (5) is coming at 12426-13437.

Comments

Look at the possibility that we came down in March as Wave-A then retraced to around 12025, recent high as Wave-B and now moving down as Wave-C. Imagine where would we be at the end of Wave-C!!
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@SLPradhan, I was expecting that scenario.. but now will go step by step.. start with 30min chart where 11700 is very important support and if it breaks then will review again.
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What is Elliott wave
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The first leg from the bottom from 7500 odd itself is not impulse, this means you are forcing yourself for impulse, secondly your wave v has more than 13 waves. I reckon to change the wave count, try corrections.
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Can't we still be in Wave 4 (in the higher degree where 0 is at 7500). The current upmove from 10800 being an X wave, we are going down in a C wave to complete Wave 4 around 10800 or slightly under it. So by this idea, Wave 5 impulsive has still not started.
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chirag_Khasiya NightRyder
@NightRyder, Decline from 12428 is very sharp so I am considering it as wave c of 4. First leg of correction is normally not so sharp.
+1 Reply
NightRyder chirag_Khasiya
@chirag_Khasiya I meant that the 4th wave in your diagram which started at 11794 and you marked as ended at 10790, may not have ended.. we are still in it, potentially going for a large expanded flat, considering its also a time of uncertainty due to US elections. Is there any reason to not consider this view?
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chirag_Khasiya NightRyder
@NightRyder, ok got your point. See my idea of 30min chart analysis. In which downside breakeven point is 11700 which is 38% retracement. Staying below that level leads to decline again..
+1 Reply
ghaiatul NightRyder
@NightRyder,
Thank you
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