as per my study all the impulse moves are over in Sensex according to Elliott wave theory. 52000 is the support level at wave C. 58700 is the immediate resistance at wave B and according to time wave analysis some big move is expected around (oct 2023)
There is alternate count where current correction will be taken as 4th wave correction and final is yet to start.
ani147
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@sumitdige, can you please share the reason for this. As I might be wrong and it might help me in better understanding, are you referring this in monthly timeframe?.
sumit-dige1
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@ani147, My bad, C wave in Bank Nifty, I see w-x-y-x-z pattern in the Sensex and Nifty as each leg is divided in the 3 waves from the top. So this is 4. I will post the nifty chart for the same. I might be wrong but I am seeing that alternative right now.
sumit-dige1
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@ani147, as mentioned earlier it is an impulse wave. now the support on the downside is 59200 to 59000. and I don't feel it will break more on the downside now as 5 waves down could be the start of correction or end of correction and if 5 wave downs were the start of a correction then B wave should not be crossing 61.8% of wave A, which it already did so considering as end of correction. As promised I posted my chart
ashokakbari
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nothing is wrong here... you are absolutely right... next 2 month there is no bull.. your C leg should be more down.. try to use fibo on each level, you will get right figure.
ani147
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@ashokakbari, thank you for the suggestion of using fibo. Accoring to fibo c will be at 50500-50400 but i used maximum support level without breaking rules of elliott wave theory.