Elliottician

NIFTY ELLIOTT WAVE ANALYSIS _ INDIA

NSE_EOD:NIFTY   Index of the 50 listed India companies
Frankly, I could come up with a variety of counts for the market right now. About 4 counts say that the market has reached a top and we should be ready for a minor correction till July and then prepare ourselves for a bull market again. Analyzing the expanding ending diagonal proved to be tough. We could go up to the resistance zone indicated by the box and go down till minor wave 4 of wave 5 or make a new high till the extension of the top trendline of wave 5 and go down all the way.

Final Conclusion: We will go up for a week(7-8 business days) and then head all the way down to 7750. Be prepared to take shorts when you see an opportunity.
Waiting to see 7750 !!!
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Thank. A question. Don't you think, wave 4 was too short (both time wise & price wise) to be a major degree wave? TIA.
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IlyasShaikh praveenvs
Yes... it is too short....I believe correction is due but lets wait and watch......
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Elliottician IlyasShaikh
@Ilyas - Please refer to my comment below this.
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THANKS FOR POSTING NIFTY CHART, I WILL PREFER YOUR WAVE COUNTS.
+1 Reply
I see questions coming up on why the wave 4 has been "short" .. There is a principle in Elliott wave theory called the principle of alternation. We can see that wave 2 took a long time to form ( 3 months ) . So we can expect wave 4 to be a very short correction(time wise). This is the principle of alternation. What you may also observe is that wave 3 was 1.318 times wave 1 which is a valid fibonacci extension. The corrective was also corrected with a fib level which is a very strong indicator. I hope these points underline why I used 7750 as the end of wave 2. It is also common for wave 5's to be expanding diagonals (I've seen a lot of them) . I hope I've answered all your questions.

Trade well :)
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AMBRISH Elliottician
THANKS FOR DETAILS , NIFTY HAS STARTED ITS DOWN JOURNEY,
IT SEEMS TODAY'S LOW IS FIRST STOP .
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Thanks amby..
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ChandanPoddar Elliottician
in the time trade long or short
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wow! what an analysis even though timing is wrong the results are 110% correct. truly appreciate your work.
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