SPX5000
Long

Possible Elliot Wave Count - Nifty

NSE:NIFTY   Nifty 50 Index
Nifty achieved the minimum target set at 10,339 but has languished at around 10,300 levels. Let us look at possible scenarios now,

Scenario 1 : The blue line where Nifty completed an a-b-c at 10,295 and started a new wave and will continue the uptrend

Scenario 2 : The red line where Nifty is undergoing an ir-regular A-B-C which will complete closer to 10,240 odd levels after which Nifty will continue the uptrend

Scenario 3: The green line is not possible as the 3rd wave is the shortest so ignore that possibility

Now we only have scenario 1&2 to look at. Either way Nifty's uptrend is still intact and look to buy on dips with targets set at 10,500 + levels in coming days with maximum stop loss set at 10,240 if Nifty is undergoing an ir-regular correction if not 10,295 is enough to contain the downside.

Good Luck

Comments

If it is scenario 1 then the next target will be minimum 10,393 but ideally I expect it to be above 10,433

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IMO
Scenario 1 , seems more practical :)
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Thanks
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