Small cap 100 Forming a Leading Diagonal Elliott wave structure

Amique_UK Updated   
NSE:CNXSMALLCAP   Nifty SmallCap 100 Index

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.

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.

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