Elliot Wave for Nifty, Bearish Nifty ,End of Monthly Wave 5So , I am publishing this idea on Monthly charts of Nifty 50 , I am new to Elliot Wave Concept still studying and exploring. Your valuable corrections and guidance will make this analysis more useful.
As Per charts ( Monthly Chart ) Nifty 50, Indices are forming waves pattern .
As per Fibonacci Golden Section Rule, which results in a .382/.618 split, Certain wave termination points will often divide wave patterns into the Golden Section or sometimes a .50/.50 split. In an impulse wave, wave 4 (usually its origin or termination point) will often divide the entire wave into the Golden Section or into two equal parts
As per Golden Ratio, in monthly charts of Nifty 50 , Termination point of Wave 4 (i.e 7511 Corona Fall ) is dividing the whole journey of Nifty 50 in 0.382 : 0.618. This is the basis of my conclusion for concluding the end of wave 5.
So if we consider this to be the end of wave 5, there will be pause in the Impulse wave and corrective waves will be seen on the charts.
