Small cap 100 Forming a Leading Diagonal Elliott wave structure

CNXSMALLCAP

Sharing my Elliott wave analysis and work on Nifty small cap 100 index. Tried to best fit the labeling based on the rules and guidelines.

• The index has formed an overlapping 3 wave structure called a Leading diagonal from the lows of 2004.
  
• My conclusion now is that we are in the primary wave 5 degree with first up-leg complete in Jan 2022.
  
• We can expect a minimum retracement of 23.6% for a target of 8812.75.
  

I look forward to know your views on the analysis, Feel free to share any alternate count or point out where I may be violating Elliot wave rules.

Comment:

As pointed out. Our minimum target of 8812 (23.6%) retracement has been met.
We now will look for our next target of 7263 (38.2%) retracement.

In the long term the waves always are right. This is another example. Hope you liked the analysis. Investors can take action appropriately.