Nifty - Elliot Wave Update So, thankfully we have been aligning are views with the market and reviewing counts at the right time. Lucky much? :)
On May 2nd - We caught the top, when the breakout didn't look convincing
We got a good correction (Correction was even better in stocks) and booked out at around 24k on May 9th, and changed views, again as the fall wasn't as bad as it was expected after the end of 5th. Hence, it made sense to expect a 5th up.
This change in view helped us ride a good move of +1000 points in Nifty and multiple +10% moves in stocks (crazy moves there).
Now, while the view shared on May 9th still remains valid, there's an even more bullish view possible.
Ideally, I should have waited for more clarity, but thought that someone shouldn't book out of positions, if it's actually that.
So, there are two scenarios:
1. We are in 5th up/ which got done, is about to be done. In this case we head down to 23500 or so and then we review if this bounce was corrective or we are going to ATH.
2. We did 1 and 2 and have started 3 up. Within 3 we started the 3rd up today. If this is true, the run up should continue for next few days.
How to decide, I am keeping 61.8% of today's move as a deciding factor. So, if we come back to 24700, I'll be out of longs - will even book cash trades and wait for clarity to re-enter.
P.S.: You must be wondering, what the two Orange circles denote - Well they are for reminding me that this price action can be a trap, as it has happened in past. :D
Though looking at set-ups in stocks and the way they are moving after clearly defining a base - I am quite confident that the low has been made for this correction.
As usual, important to track closely and be nimble to change the view and humble to accept mistakes :)
All the best!
