Possible Elliot Wave Count - Nifty

NSE:NIFTY   Nifty 50 Index
Nifty scaled new highs in 2018 and is trading around 10,630 levels currently. Let us analyse the Nifty chart in detail for clues to decide what lies ahead in 2018. As per my analysis Nifty is currently trading in wave 1 of a new impulse which started from 10,033. Nifty is about to complete wave 1 around 10,700 before starting a correction. The impulse 10,033- 10,700 could be the wave 1 as per my analysis. The targets for wave 2 could be 10,540/10,440 in the ideal situation but could stretch to 10,290 as well. The wave 3 could take Nifty towards 11,300+ levels so expect a substantial rally in Nifty after the anticipated correction. The preferred action could be to accumulate favorite stocks in your portfolios on dips in Nifty .

Please note that these are views based on the my limited capabilities as an EW analyst and there are multiple ways to analyse the markets . Kindly do your own analysis or check with your financial analysts before taking any decisions.

Good Luck Traders !!!
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