Nifty Long Term View

NSE:NIFTY   Nifty 50 Index
The Chart is self explanatory.
The 5th Wave is the largest one, & as per the Elliott Waves theory, if the 5th Wave is the largest, it retraces up to 61.8% of the 5th wave.
The target at 61.8% comes to 8900.
As per me the Wave started from early 2012 and completed recently in 2019 July, so it took almost 7 &1/2 years for the completion of the big wave. So it might take around 3+ years for this down wave to complete.


Each wave inside also makes similar pattern, hence from start of wave 5, the last wave has to be big and quick. I believe the same is about to happen and then retracement.

Hoping the correctness of study and requesting you to kindly guide me if I am wrong
Does this means that no new highs now for markets? Hearing lot of extremely bullish posts also. Can you please explain
Kshitij_008 praveenagr
@praveenagr,yes...seems so no new highs as of now, although sentiments are bullish as of now, but there are lot of sentiment dampener in coming months like brexit issue, us-china trade war, india pakistan, iran oil and lot others.
Flat Waves - are bit different, the B wave have a tendency to retrace up to 90% and in some cases up to 123% - 138% of Wave A, new high or nearer to new high can not be ruled out.
Waves structure is mostly to guide us through rough times. As of now, what I can see is completion of BIG WAVE structure, and then the impending correction.
Which suggests, that I wont be aggressively long in stocks.
Hope this helps.
praveenagr Kshitij_008
@Kshitij_008, thank you so very much for your prompt reply and agrees with your views too.
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