niftyelliottwave

Nifty achieved its minimum projection of wave (v) which is 10722. And maximum projection of wave (v) is coming at 10440. so wave (v) of could be completed in 10722-10440 range which is big so lets concentrate on decline from 11181 in lower time frame chart.

Most probably Nifty completed wave (iii) of at 10849 and 11051-11176 is the resistance range. wave (iv) may be completed at 11080 or it may complete in 11051-11176 range. And from there Nifty may decline 430-690 points as wave (v). If nifty breaks 11176 comfortably with sharp bounce then its different wave count.

Nifty breaks 10985 level so now its clear that 10004-12103 move is ABC and from 12103 wave C of irregular correction is started. And in wave C wave (iii) of is completed at 10881 or still running. For wave C 100% and 123% projections are coming at 10347 and 9933 level respectively. resistance range in daily chart is coming at 11075-11196.

Nifty took support at 11523 which is exactly 38% retracement of wave (C or 3). If nifty completed wave (4) at 11523 then it will go for new life time high as wave (5). and if nifty trades below 11523 then it could be wave C of bigger irregular correction and it can go deep below 10585.

Pattern from low 11625 is also complex. Trading strategy should be sell nifty with strict stop loss of 12001 for the targets given on chart. It can also go below 11625 if bounce from 11625 is wave X2 of Triple zigzag correction.

It seems Nifty is in wave 3 of (C or 3) and if 3 completed at 11487 then wave 4 retracement levels are 11313-11206 and for upside 100% and 123% projection of wave (C or 3) is coming at 11566 to 117098 respectively.

Pattern at low 10585 is indicating irregular correction which is caution for longs and Nifty can go below 10585.