ParamjitMahapatro

EW analysis of Nifty

NSE:NIFTY   Nifty 50 Index
I am considering 2009 dip as the starting point for the analysis. So as per the analysis, sub wave iii of wave (v) of wave is either going on or completed.

now, wave iii is at the 100% fibo extension
here is a probable count for the fractals of wave iii,which suggests that wave iii is complete and iv is started here.
regular bearish divergence formed recently, which is suggesting that wave iii is completed.
occurrence of flat correction is high in wave iv, and it seems, a flat correction has started here. but flat corrections don't do deep retracement, here are the retracement levels to watch for
Comment: price bounced from horizontal support
Comment: probable move in weekly, wave iv can push the price to 9200-9600 level.
Comment: after wave iv , last leg of impulse i.e. wave v can take the price towards 10800+ levels.
Comment: here is the probable move in monthly time frame
Comment: there was a nice bounce from the horizontal support,
Comment: now nifty looks bearish, trend line support broken , then it tried to retest the broken trend line , and bearish engulfing formed while retesting it.