The first impulse wave Nifty lasted for 55 months till Jan 8, 2008 at touched the highs of 6,357.10.
The second wave, a corrective wave was triggered by US financial crisis in Jan 2008 and led to the lows of 2,252.75 on Oct 27, 2008. It is worthwhile to note here that the level of 2,252.75 is almost at 76.40% which works out at 2,190.10 levels.
The third (current wave) is considered as the longest and the strongest wave. On August 13, 2021, Nifty closed at the lifetime high of 16,529.10. If we apply 2.618 times of wave 1 on wave 2 as per the principle of , it works out at 16,294.52. It therefore appears that as per the theory, Nifty has finished its Wave 3 of the super cycle and is probably ready for the corrective wave 4.
This is for educational purpose only and not an advice to buy, sell or take any position