1) 5-April-2022 to 17-June-2022: NIFTY 50 formed a 5-wave bearish impulse wave down from 18,100 to 15,175
2) 19-June-2022 to 13-Sept-2022: NIFTY 50 formed a 5-wave bullish impulse wave up from 15,175 to 18,075
3) 18-Aug-2022 to 13-Sept-2022: Waves (4) and (5) of the 5-wave bullish impulse wave were also the beginning of an A-B-C (3-3-5) corrective wave that often forms after a 5-wave impulse wave. On closer viewing, you will notice that Waves (A) and (B) of such A-B-C corrective wave also form 1-2-3 sub-waves wherein sub-waves 1 and 3 were bearish and wave 2 was bullish, thereby confirming the pattern.
4) 13-Sept-2022 to Present Day: Wave (C) of the A-B-C Corrective Wave has formed an Expanded Flat Pattern, i.e. Wave (C) has extended beyond Wave (A). As per Elliot Wave Theory, Wave (C) usually extends to between 100% to 162% of Wave (A), and most often to around 123%, marked by the 1 and 1.618 Fibonnaci Levels drawn.
5) Projection (29-Sept-2022 onwards, possibly 2-3 weeks): For this theory to be confirmed, it is likely that NIFTY 50 will bounce from the 200-EMA support level of around 16,850 towards the 55-EMA (17,100) or 89-EMA (17,200) forming sub-wave (D) of the (C) wave of the A-B-C Corrective Wave, and then re-test the 200-EMA support forming sub-wave (E) of the (C) wave of the A-B-C Corrective Wave.
6) Conclusion: In this manner, a double-bottom off the 200-EMA would also be formed, before NIFTY continues its overall bullish trend with a re-test (and possibly 6th time lucky) or break above 18,100 levels.
@GaganDhaliwal1790, how do you feel about the market now?
iamgouravk
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@GaganDhaliwal1790, when i see the chart now :-)
nite91
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ABC are part of corrective wave patterns. so either ABC is part of wave 4 or ABC should have started after wave 5. how your ABC and 4th, 5th wave coincide. could you please help me understand
@nite91 when trend is upside they 12345 And correction of uptrend ABC, WHEN trend is DOWNWARD is 12345, their correction ABC, MAZOR TREND ALWAYS 12345 IT'S upward or downward
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