Let us analyze Nifty further in lower timeframe. Again with Elliot Wave.
Output of this analysis : May be Predicting: If Nifty goes back from 10985 above. We will findout from our next Part 3 analysis, if nifty can go below 10985 or not. We are possibly wrong in marking the subwave 1 at 10985. So If nifty goes below 10985, it confirms our subwave 1 is wrong and we will analyze further. This could be rectified in our part 3 where we see in more detail at lower timeframe. If subwave 1 has to be moved down, i.e. we assume Nifty should go to 10550 target which we had done earlier, then subwave 1 will be moving to10770 where (iii) is marked. Also we know that we had assumed the Grand cycle (IV). it was a irregular correction and we thought it could be moving right side. This is also a good possibility. This change will completely make our analysis different.
The purpose of the analysis :
Please check our previous analysis
1. Part 1 analysis
2. NIFTY H&S
3. Nifty downtrend should follow our pink trend line
Output of this analysis : May be Predicting: If Nifty goes back from 10985 above. We will findout from our next Part 3 analysis, if nifty can go below 10985 or not. We are possibly wrong in marking the subwave 1 at 10985. So If nifty goes below 10985, it confirms our subwave 1 is wrong and we will analyze further. This could be rectified in our part 3 where we see in more detail at lower timeframe. If subwave 1 has to be moved down, i.e. we assume Nifty should go to 10550 target which we had done earlier, then subwave 1 will be moving to10770 where (iii) is marked. Also we know that we had assumed the Grand cycle (IV). it was a irregular correction and we thought it could be moving right side. This is also a good possibility. This change will completely make our analysis different.
The purpose of the analysis :
- We had analyzed long before the downtrend that market should come down heavily. That time we did not have any reason for the market to go down. But we found it should go down and were sure that something will come ( news / event ) which will make the market to fall.
- We had taken some other technical analysis to measure the targets that time. Also we were completely new to technical analysis. Now as we have learnt Elliot wave analysis, Let us validate again.
- Again for what purpose ? : To Know the exact target, the reversal point confirmation.
The analysis :
- Check marking X. The subwave completed from i to v and it looks proper. So subwave 1 is completed. Looks satisfactory.
- Check marking Y. The subwave 2 is a irregular correction. It looks completed at the down of marking Y. Looks satisfactory.
- Oh we got : We are in the making of subwave 3 of this impulse. So we are waiting for 4 and 5 to complete. Whao ! we analyzed this lower degree and found properly here. It was not clear on the part 1 which analysed on a higher degree. For confirmation see the first fib ratio. 3 is nearly 1.618 fib ratio of 1. That looks ok. Looks satisfactory.
- Now we are in the retracement of subwave 3 and are trying find the bottom of 4. ( Confirmed )
- Wait wait : We told our subwave 1 completed at 10985. if Nifty retraces below 10985, that should never happen ? wave 4 should not touch wave 1. Let us see. If Nifty goes back from 10985 above.
Please check our previous analysis
1. Part 1 analysis
2. NIFTY H&S
3. Nifty downtrend should follow our pink trend line
