Is there a crash(correction) coming in Indian Market???

NSE:NIFTY   Nifty 50 Index
Hi Guys,

I posted the same thing before but I guess you people were not able to see the waves clearly so that's why I am posting it again so that you can see waves clearly. My apologies for that.

Here I am going to analyze the 1-Month chart of NIFTY . So this is how it goes:-
According to Elliot waves theory, the 1st wave of the next bull run starts from the point of crisis or crash or war or all other depressing events. The major happened back in 2008. So from that point of time, the next bull run began.
1st wave: The first wave of the major bull run(2009-2018) was started in early 2009 which was lasted until October 2010.
2nd wave: The second wave which was basically the correction of the first wave was completed around December 2011.
3rd wave: The third wave started in early 2012 and lasted until Feb 2015 and according to the wave theory, the third wave should be bigger than 1st wave to which it quietly followed beautifully. The third wave was around 1.1 times bigger than the 1st wave.
4th wave: The correction of the third wave started in March 2015 and was completed in around March 2016.
5th wave: The fifth and last wave was started in March 2015 and completed in January 2018 and was almost equal to the length of the 1st wave following the Elliot Wave Principle.

So as the supercycle(wave 1) is completed, Now it's time for its correction. Generally, It retraces around 50% to 66% of the base wave. So following that we can see a healthy correction up to 6000-6500 incoming 1-2 years.
Another proof for this theory is that it is perfectly following the parallel channel . According to Elliot you only need three points to draw the parallel channel so after having 1st, 2nd, and 3rd wave if draw a line joining 1 and 3 and drawing a parallel line passing through 2 we can have the parallel channel and 4th and 5th wave also perfectly following that. RSI is also giving the Bearish Divergence Signals. The momentum is slowing down. BEARISH ENGULFING Reversal candle also forming on the top.

And there is the election is also going to happen next year, and that is also going to have a huge effect on the market. It will be interesting to see how the market is going to react on that.
Thanks for post. But cant you post different chart for different counts. Its all messed up
Also other times likely weekly and daily please.
aman12 a1b111
@a1b111, Actually I don't really do the analysis of the stock market, I was just seeing the NIFTY chart and was clearly able to see the wave counts that's why I posted it. Anyway, If you have the idea about Elliot waves you can easily understand though let me explain. There are 5 waves(blue color) you are able to see clearly are made of sub waves. And If you combine those 5 waves you will get a superwave.
Thanks for the post....can you plz also do analysis lesser time frame.......weekly and daily as well to understand where we are in that time frame..
aman12 atiqy2k
@atiqy2k, Actually I don't really do the analysis of the stock market but I will post for smaller time frame also when I will get the time to do so.
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