NSE:NIFTY   Nifty 50 Index
This is actually a question. I am a newbie here and have just come across the idea of Elliott waves . I would like to ask the experts that is this the third wave in continuation? If yes; then, will the NIFTY50 index go down in when this wave completes its journey. thank you.


i am not an expert , but an amateur

i feel we are in wave 3 in the bigger picture

we are in wave v of wave 3 as shown in the following chart

joel-vg joel-vg

ignore the previous chart

look in this chart

@joel-vg, This is a very pessimistic scenario but seems more possible because of the following .

1. Five primary waves seem to be over .
2, We may be the middle of a flat correct .
3. We may be currently running B wave of the flat correction . B waves are normally zig-zags. 5-3-5. So it will be an impulse or and ending diagonal. It is an impulse in this case.
4. Wave A = Wave B at 9805 .
5. The RSI in this B wave has not gone into overbought zone on monthly chart . Had it been a 1-2-3 RSI would be in overbought zone. THIS IS VERY IMPORTANT.It shows inherent weakness.
6. Personality of B waves states that large caps issues will be sluggish and cheapies will sky rocket .
7. If Nifty goes below 8560.

The other scenario is a 5th wave extension . Only if RSI goes into overbought zone . Where there is no wave 4 triangle . I will also post that if u want.


thanks for the chart ,

out of curiosity - Does the RSI goes into the overbought territory in an impulsive wave ? i have never used it !

Which one book you will recommend for elliott wave ? (as you are a certified analyst yourself !)
@joel-vg, Iam a student of Certified Elliott Wave Analyst 2 . A course run by Elliott Wave International owned by Robert Pretcther. So I am still not an expert.

RSI goes into overbought territory in wave 3 of 3 and is at the highest .

You can read and digest this book The Elliott Principle by Pretcher and Frost. 4 more info go to elliottwave.com

@AJAYSHARMA, But the midcap index is a different story .
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