NeeteshJain
Long

NIFTY READY FOR NEW WAVE, COMPLETES CORRECTION PHASE

NSE:NIFTY   Nifty 50 Index
As per elliott waves principles, Nifty has completed its complex correction where two corrective patterns where formed. First was Flat correction pattern where 3 Waves ( ABC ) subdivdes into 5-3-5 correction (marked as W) and another is simple zig-zag correction where 3 Waves ( ABC ) subdivides 5-3-5 (marked as Y). Both were connected by inverted Zig-zag three waves pattern (marked as X)

This above complex correction completes the corrective phase of the previous wave and now we could see another 5 uptrending Waves.

Go Bulls, Go Bullish

Comments

Well according to elliott wave your wave counts are not correct. 1. if wave A is made of 5 waves than wave B should never be more than 100% of wave A. 2. wave B has 5 internal waves so it cannot be a, b and c. 3. wave B on the right hand side after wave X. it has only 3 waves, if look closely than wave iii does not have 5 internal waves so that is not wave iii as well plus wave i and wave iv are overlapping each other which make it wave a, b and c and not i, ii , iii, iv and v.
+1 Reply
NeeteshJain vinodsinghfcca
I marked above a complex correction where Flat and Zig zag patterns were connected by X. Yes, I counted Wave A subdividing 5 waves which could also be counted as 3 Waves subdividing. As in Flat correction of ABC - subdivides 3-3-5 Waves. I appreciate your feedback on Elliott Wave counts as it is always be required in Waves counting to improve and make it better every time.
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Thanks for taking my opinion in a positive way. I have posted nifty elliott wave count chart you could find it. I am sure we will be see some more discussion on elliott wave in future please rectify me if my counts are wrong. Thanks
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