Guys... I am sharing my analysis of Nifty over a longer time frame.
The Elliot waves are marked on the chart. Nifty is currently in the wave 3 of the primary cycle.
This primary cycle runs in smaller intermediate waves.
Wave 1 started on April 2023;
Wave 3 from November 2023;
Expecting wave 4 to end by April 2024, and we can expect wave 5 to begin from May 2024.
So, as per this analysis, we can see a red candle in April month - the wave 4 correction, which is likely to end around 21400 - 21500 levels.
Wave 5, which is likely to begin in May, is likely to last till December 2024, taking nifty to 26000 levels (approximately 26400).
In this, wave 3 is 1.23 times wave 1, and wave 5 is 1.618 times wave 1.
Hopefully we get to witness a 20 - 25% rally in Nifty this year :)
This is only my analysis & remember the market is always RIGHT!
The Elliot waves are marked on the chart. Nifty is currently in the wave 3 of the primary cycle.
This primary cycle runs in smaller intermediate waves.
Wave 1 started on April 2023;
Wave 3 from November 2023;
Expecting wave 4 to end by April 2024, and we can expect wave 5 to begin from May 2024.
So, as per this analysis, we can see a red candle in April month - the wave 4 correction, which is likely to end around 21400 - 21500 levels.
Wave 5, which is likely to begin in May, is likely to last till December 2024, taking nifty to 26000 levels (approximately 26400).
In this, wave 3 is 1.23 times wave 1, and wave 5 is 1.618 times wave 1.
Hopefully we get to witness a 20 - 25% rally in Nifty this year :)
This is only my analysis & remember the market is always RIGHT!