#Nifty 50 is the main index for the Indian markets. With the weightage of the most valuable stocks like Reliance, HDFC Bank, TSC, INFY and many more, the mass psychology of the index becomes much smoother than other stocks and indices.
Let's see how the Elliott wave reacted to the Nifty as you can have a look at the Elliott wave counts.
Nifty is in fifth wave of its impulse started from the low of Mar' 20, most probably forming an ending diagonal.
Where, Wave III is 2.618 of wave I. And, Sub wave 1 is almost equal to sub wave 5 of the wave III, forming zig-zag corrective pattern in waves II and 2 whereas, complex corrective pattern in the waves 4 and IV of the impulse.