yogi_sharma_elliottician
Short

Nifty 50 wave counting

NSE:NIFTY   Nifty 50 Index
Complete analysis on the chart.
Correction is necessary for healthy market. Your views/criticism/feedback welcome. :)

Comments

wave iii is shortest in your analysis, follow ew rule.
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@iElliottician, yes, didn't pay attention for the same. Next time surely I will follow EW rules.
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iElliottician yogi_sharma_elliottician
@yogi_sharma_elliottician, yes, keep them top of your Screen as a screen saver, without EW rules EW is nothing.
+1 Reply
wave iii is never the shortest wave.. .
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Thanks for the weekly chart , if possible can you please put out one hourly chart for wave B

What is your expectation for the current B wave ??
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@joel-vg,

Clearly, nifty is facing ceiling at 10692 to 10749 level. It needs to break this level for upcoming 11100 to 11174 level which will reach the peak for right shoulder in daily chart. It should hold the momentum for this upmove. If vix cools down below 16 it may help to reach the peak.
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yogi_sharma_elliottician yogi_sharma_elliottician
RSI, has gained strength which is positive while 50 sma moving average is also positive and following a uptrend.
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@joel-vg,

The Nifty bank chart formed a double bottom and done a breakout from its peak which is positive enough to touch 25530 to 25700 level which is .618 retracement of wave A of the same. This can help to push nifty 50 to its right shoulder peak at 11100 to 11176 level.
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@joel-vg, Also fib retracement from 10700 to its low 10024 will result in fib extension at 11125 level at 1.618 ratio. Still closing above 10750 -800 is crucial.
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joel-vg yogi_sharma_elliottician
@yogi_sharma_elliottician,

yes - 10,750 is a resistance - we will come to know tomorrow the pattern . Thanks once again
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