The rise from the Mar'20 bottom was an impulsive move which should be considered as the Primary Degree Wave-1 concluded near the zone of 18600 in Oct'21. From that top Nifty50 fell down in a corrective way and made a low of 15183 in Jun'22. This fall was not even reached to Fibonacci 38.2% retracement level positioned at 14400 zone where the previous fourth of 1 lesser degree is also placed and we have seen a rise in the Nifty to test the all time high and made a new high of 18887 in Nov'22. The rise from the bottom of 15183 is more or like a corrective rise and can be treated as part of FLAT CORRECTION (expanded Flat) or a part of COMPLEX WXY correction. As per this view Nifty is likely to hold below 19000 and fall towards 16750 /14400 and 13000 level in the coming months. The nature of the fall will decide whether we are in a C-Wave of a FLAT or we are in a Y-Wave of a COMPLEX WXY correction.
As soon we reach in the zone of 14400-13000 which is the Fibonacci 38.2%-50% retracement zone we can consider that area as the long term investment zone as our Primary Wave-2 is going to conclude in that area and we should be ready for a massive THIRD WAVE RALLY in the Indian Equity market. Remember Third Waves are the "WONDER TO BEHOLD".
What a dare explanation in the open forum. This is one of the best confidence that making me to do much love ❤️ on you 🌷
Stock-Holmes
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Your wave 1 seems to be wave 3 actually.
TradingSutra
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@Stock-Holmes, For someone it can be any other wave actually. There are no. of possible ways to count waves and Elliottician always try to figure out the best of all to label it as preferred count.
ckirtane
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what is approx. time for nifty to come down to 14400level? 2months/4 or 6 months?
TradingSutra
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@ckirtane, Nobody knows that. It is just one of the possibilities that can occur in the market. There are other possibilities also but as per my opinion this looks more promising.