Nifty:10989 shows a Trend Line Break Down. Minor wave 5 seems to be completed at 12430.50. if this turnout to be true Nifty is completing multiple degree waves here. A minor wave 5, an intermediate wave (5) and a Primary wave [3[. Minor wave 5 is completed in 5 candle and corrected swiftly in 3 candles, to break down the assumed 2-4 line, can be taken as sign of completion of trend. In this case wave wave [3[ is extended here and can retrace to wave [4[ zone ,that is below 9119.
Another view is that we are still in minor wave 4, is forming an abc pattern may conclude a=c 10637 or an elongated c even developed,1.62% of a = 10070 around. Then the 2-4 line can be redrawn again to see a further jump towards 13000.
Note:This is my prime view of Elliot wave count, which I am posting here for the past two years. Thanks everyone.
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Caution: Nifty is trading near crucial support level, 2-4 line support and 50% retrace level is 7548
@SujeetJha, Hopefully yes, Nifty is in primary wave [4],and the correction can end somewhere in the sub wave (4) region,
a 50% retracement level is at 7548 marked on updated chart.
it must touch or even may cross little the hypothetical 2-4 line marked blue at bottom, for other technical reasons.
padiyara
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@padiyaraa, please read primary wave [4[ .
( The angle bracket doest show up in this forum field.)
SujeetJha
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@padiyaraa, 5th wave or last leg generally run on disbelief and liquidity driven.. is it possible that we see a meltup phase for next 8 months and then end Major Wave III and start bear market for 12 to 18 months.