Niftydirection

Nifty Redraw Elliot Wave Count and New High Projection

Long
NSE:NIFTY   Nifty 50 Index
Follow Blue count Wave (1) Leading was made when recovering from Mar 2020 low we are currently in wave (3) which is extended and still in progress.

Follow Orange count Five moves started in Oct-Nov 2020 which triggered massive rally wave (iii) extended nearly 261.8% of wave (i).
It came to end at ATH 15432 then this whole (i) to (v) wave sequence got corrected in the form of triple three retracing bit more than 23.6% at 14151.

Follow Pink count here wave 3 extended more than 200% and looks to have finished. So 4th was complex correction in the form of triple three.
The target for 5th wave in pink would be 16400 (38.2%) or 17789 (61.8%) of wave 1. This needs breakout confirmation 15432.


DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis

I may or may not trade this analysis. Details in description.
-------(((((Please LIKE or Comment)))))-------


Comments

Pl educate on wave count . I am confused . Pl look at this wave count on daily time frame .
Wave 1 From 7511 to 11794== 4283 points.
wave 2 from 11794 to 10790 == 1004 points correction.
wave 3 from 10790 to 15431 == 4641 points.
wave 4 from 15431 to 14151 == 1280 points correction.
wave 5 from 14151 to in progress & expect to the target 18434 because wave 5 is taken as equal to wave 1.( 14151+4283 =18434)

After completion wave 5 A B C would be major correction of( 7511 -------18434) full run,

I request you to please comments your views because your counts are labeled in a better way . You have taken sub waves also.

But sir I request you if you can give details from 7511 to your Target with each wave count 1 , 2 , 3, 4, & 5 ( target) with points for each wave & sub wave .
This will become a template designed by you . Thanks & regards
+1 Reply
Niftydirection JagdishKumarPahuja
@JagdishKumarPahuja, sir Wave 1 you are considering at 11794 doesn't look to correct as internal wave count is not matching wave principals properly wave 3-4-5 are tough to spot.

The chart becomes too complex if i present all sub waves so this is the best that i can come up with.
+1 Reply
Good nifty projection, looks possible, thanks for sharing your valuable knowledge sir ji
+1 Reply
@Yp2303, thanks
Reply