Speed0

Messy Elliot Structure

NSE:NIFTY   Nifty 50
199 2 0
This Downward channel has many alternatives & Can Even turn into bearish impulse,Untill 8550 Spot is Taken out.
Lets Assume its WXY finished at 8400, Whether it il turn into 1 more complex Wave Z needs to be watched.
Red Alternate is another Wave count which is possible,But to avoid unwanted mess,Not into it much.
Comment: Expecting it to touch 8605 Spot Without breaking below 8435.
Comment: From 8500 To 8560 , Could be towards target tmrw. Any SL Should be modified to below todays Low @ 8480.
Psychological barrier which bears were carrying @ 8550 is broken, Probably due to short covering as tmrw is event day.
Nifty il Now Face resistance at Upper falling trendline (Trendline where B,X,A is marked).
Gave it a benefit of doubt as it can form any pattern. So,As per red pattern it can hit 8800, As of now we are moving with WXY ,Even that suggests a bounce , Wave Y is Exactly 100 % of Wave W & a bounce constructed a perfect falling channel.
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imo
C ends where iuo W is
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