Nifty Elliot Wave theory explained with projection of wave 4

NIFTY
Till date Nifty on wave 3 on larger degree of Elliot wave
Explanations:-
** If we subdivided wave into shorter degree or in 5 wave its match with Fibonacci retrenchment levels in all subdivision of wave 1.

** On wave 2 which is a corrective wave also match with Elliot wave rules and its take corrections within 50% of wave 1.

** On wave 2 subdivision are also match with corrective wave patterns.

** Now comes to Wave 3 which is need to match with Elliot wave theory where Fibonacci levels should be 161.8% of wave 1, which is 11340 approx.

** If the wave 3 subdivided into shorter wave degree, we can see the 5th wave is forming and it has to be within 1.236-1.618% of wave , equal to wave 1 or 61.8% of wave 1+3.

** So now comes to conclusion on 5th wave
* Either 1.236- 1.618% Fibonacci levels of wave 4 which is on 11630 approx
* Or equal to wave 1 which is 12450 approx
* Or 61.8% of wave 1+3 which is also near 12457 approx

** Now end result till date on longer wave degree was as per Elliot wave theory and along with its subdivision of, if wave 5 on shorter degree is gone above 11600 it will decline the larger wave degree.

** So on the larger wave degree wave 3 is completed and now wave 4 is about to happen.

*** On larger degree wave 4 which is corrective wave and which is as per rules
* On 14.6% = 11102.50
* OR 23.6% =11864.10
* OR 38.2% = 10470.80

Trade active:

Sell Nifty around 11370-420 With Stop-11480 Target-11110/10870/11470

Comment:

3rd Target should be 10470 not 11470

Comment:

as of now short term stop hit 11480 still I am looking for a dip towards 11100 level or I will close my trades above 11600 and thought about buy above 11600 level.