Possible Elliot Wave Count - Nifty

NSE:NIFTY   Nifty 50 Index
Nifty             is struggling to gain any momentum from the lower levels. If we examine the Nifty             fall carefully , we could count the fall as either a 3-3-5-3- or 5-3-5-3- which leads to two possible outcomes :

1) Nifty             has completed a 3-3-5 correction in the form of an abc correction which could be the first leg(wave A) of the fall and started the wave B from 10,267.The expected market action is shown as red lines on the chart.

2) Nifty             is still in wave A where it has formed a 5-3-5-3- pattern ie, waves 1-4 and has one more fall to complete the wave A before we get a pull back in the form of wave B. The expected market action is shown as blue lines on the chart.

Yesterday we had discussed the possibility of the correction being complete but the price action at the moment is not showing any impulsive behavior to consider that possibility at the moment.The best case that we can expect at the moment is hoping that this correction turns out to be a flat correction in which case market would bottom out around the area where wave A ends.

Good Luck Traders !!!
10,249 is the minimum target on the downside from which the reversal could start ....
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