NIFTY Indicating Bounce Above 18114 from 16762-16340 Range

This Nifty Analysis is combination of Elliott Wave, Fibonacci and 38% Retracement Breakout. There is an Upside Impulse from 15671-17442 followed by formation of Irregular Correction Pattern.
38%-61% Retracement of Impulse is at 16762-16340. There is possibility of completion of Irregular Correction Pattern around this 16672-16340 range followed by bounce above 18114.
Analysis will get invalid if Nifty close below 16340.

Comment:

NIFTY entered in Support / Low Risk Buying Range..

Trade closed: stop reached