Elliottician

NIFTY ELLIOTT WAVE ANALYSIS _ INDIA

NSE_EOD:NIFTY   Nifty 50
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.
wow! what an analysis even though timing is wrong the results are 110% correct. truly appreciate your work.
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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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THANKS FOR POSTING NIFTY CHART, I WILL PREFER YOUR WAVE COUNTS.
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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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Waiting to see 7750 !!!
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