Nifty 5th Wave - 1st Sub wave in progress.

NSE:NIFTY   Nifty 50 Index
As marked in chart 5.1.3 is nearing completion reaching 11630+ on Friday. 11650-80 was the expected target. NS may make another 20-50 points or complete here. Then the 5.1.4 should start for target 11100-200 levels signalling medium term correction.

Now how to understand this 5.1.3 is finished. 3 simple steps can give the answer.
1, In daily first we should get a Lower High and Lower Low
2. In daily 2 closes of heikinashi candles below 5 SMA .
3. In daily cross over of MACD signals.

But by the time we get all the above NS must have corrected more than 150 points. One of the options to circumvent this is
any day if NS fails to make a new high by 3.20 PM enter a short trade with the previous day high +5 points as SL.
Then add more when we get the second point confirmation. Again top up on confirmation with the 3rd point.

The only few points to indicate the reversal are imminent are as follows:

1.In Daily a bearish candle on top after a gap up and the gap filled indicate a reversal pattern but however it needs a confirmation by next candle.

2. The Wave calculation developed so far going correctly, though not to the minutest point, also indicate the trend reversal is due.

3. In 1, 2 and 4 hourly charts RSI refused to go above 70.

4. In weekly chart the price is above UBB for last 3 weeks and as mentioned in an earlier post it has to get back inside the UBB.
The RSI is also below 70 and need to cross 70 for any further bullishness.

All other indicators like MACD , SMAs and Stochastic still showing bullishness and in the next couple of days we may get signals from these indicators regarding correction.

This is purely an educational post and these may or may not happen. No suggestion is made here to take any trade on the basis of this. Anybody taking trade may consult with their Financial Advisor before doing so as the writer or this website will not be responsible for the actions on the basis of above post by anybody.

Comment: Lower low made.
1st heikin ashi candle below 5 SMA.
MACD Signal c/o in daily pending.

For supports watch out 200 sma in 30 min t/f and hourly charts.
NS made a double top in monthly and this needs to be broken this month itself. Otherwise again there will be consilidation below ATH.


Mr Murthy why the price did not drop form 5.1.3 towards your Guideline number of 5.1.4 , can you please explain what changed ?
murthyonline ShreeKrishna
@ShreeKrishna, you have commented on the old post. See latest one. It is correcting from 5.1.3 which ended at 11761. Today NS at 11580. In the last Sunday post detailed the movements and what to look for.
Another beautiful post from murthy !

The wave counts posted by Murthyji is not Elliott wave. For info
+3 Reply

his posts are well articulated

What are the counts based on ?
@MAYA_MUMBAI, good morning,
The counts are based on 4 factors, are a result of extensive research, where those finding were taught to us for free. 1) NIFTY has a Vantage points. 2). SMA over different time frames, 3) Macd structure length of the histogram etc.
Y don't you attend his two day seminar at Bangalore , after you mail him

Online course will be useful !
@MAYA_MUMBAI, good afternoon, online is not possible, all over India he is got following, hence in Chennai , Blore, Mumbai, Delhi, Gujarat, Kerala , all places two day seminar is being held. We followers are arranging the hall charges, etc and seminar in held. This April 21&22 sat&Sunday it's held at akshy in majestic Blore.
What precision. I post a copy of msg I had given to my friend,When you see Nifty Spot at 11730, go short positional with SL of 11754
Exactly worked well
Balas282 Sarsans
@Sarsans, If it is not all Elliot wave. Pls clarify what count denotes exactly. By looking partial daily chart, seems like 3.4 was marked at 9950 level. As per your chart, wave 3 took 30 months where wave 4 took just 3 months near( Coming near justn1/10 time) and larger degree count 4 taking equal same as time one smaller level degree 3.4. Its pretty much confusing for beginners like me as you mentioned educational purpose. Please clarify my doubt if you get time.
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