Nifty might have started a new uptrend with a target of previous highs 8980-9100 zone. 1st pullback should be in the 8600-8630 zone then go to 8820-50 zone pullback again to 8720-8750 finally to ATH .
The above Nifty path will become invalid If Nifty slips below 8600-8630 then it will be in trouble and might fall to 8300-8350. 8500 might not hold this time. So keep the stop loss in place.
Relentless selling by FII's in cash & futures will keep Nifty under pressure. 8720-8750 has become the battle point for Bears & Bulls. Below which there is a chance of 8300-8350 above 8750 ATH.
Nifty might have completed have 2 at 8650 on Friday, BankNifty already has given a breakout on Friday. Closing above 8750, 8840-50 will come in a flash on the back of short covering. Dont short Nifty, go long if Nifty closes above 8750.
Elliot wave analysis is always elusive & complex. It is more of an art than Science & based on assumptions one should always trade with strict stop losses. Due to high volatility on expiry. Nifty broke 8600, touched 8550 and came back pretty fast. Stopped out but entered long again with SL 8540 for a tgt of 8800. Now 8550 can be considered as the end of wave 2/B. Wave 3/C is in progress.