Possible Elliot Wave Analysis - Nifty

NSE:NIFTY   Nifty 50 Index
After a very strong rally on the back of election news Nifty is languishing around 10,450 looking for fresh momentum to break past 10,500. There are two possibilities that stand out as per my analysis of the current market situation.

Possibility 1 : Nifty completed the abc correction at 10,074 and started a new uptrend on the election day. As per this wave count Nifty is trading inside the wave 1 of the fresh impulse and the minimum target for completing wave 1 is 10,514. If Nifty is following this wave count then it should bounce ahead of 10,302 either from 10,430 or from 10,370 to a new ATH above 10,514. As long as Nifty trades above 10,302 this wave count will be my major count.Blue line tries to replicate Nifty movement in case of possibility 1.

Possibility 2 : Nifty is trading within a flat correction in the range 10,035-10,490.As per this wave count Nifty completed waves A&B and has started wave C which could take Nifty towards 10,100 zone again before starting the new uptrend. Visually this wave count makes more sense to me but we need Nifty to break below 10,302 until then this will be my minor count. Red lines tries to replicate Nifty movement in case of possibility 2.

The best case for bulls is market continues the uptrend without breaking below 10,302. The worst case for bulls is Nifty tests 10,100 zone again before resuming the uptrend.

Wishing you Merry Christmas and a Happy New year.

Good Luck Traders!!!
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