NIFTY
Elliott Wave View:NIFTY 50 INDEX (NIFTY) Looking to Extend Higher, could be an (EXPANDED FLAT)? (Short-term update) Exhibit 1st Interpretaion
February 09, 2022 By Diensh Naidu
The short-term Elliott wave view in NIFTY 50 INDEX (NIFTY) shows that we are looking for more upside to complete a 5 waves impulse structure, before a 3 swings pullback at least. A pullback in wave b ended at 16825.50. NIFTY then resumes higher in wave i with internal subdivision as another impulse (Diagonal) in a lesser degree. Up from wave a, wave b could end around 17511.8 to 17640.5 odd levels or else it could be an steep correction.
Wave ii pullback is building already and we are expecting an ((a)), ((b)), and ((c)) zigzag correction to complete it.
NIFTY should bounce again after end of wave ii to continue the rally and it needs to break 17800 level to confirm that wave 5 has started. The view of the wave b is valid as we stay above 17800 mark.
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