Hello Traders, new ATH for NIFTY50 has occurred- 17436.50! Maybe one more high is next to come for N50; at or around the 17479-17500 area. Here, a wave 3 (grey) could end! We have multiple Fibo-clusters there, and I think it will be not naturally, that N50 is moving higher on and on! If so to come, a larger correction within a wave 4 (grey) should be next, which retrace a 0.382 Fibonacci of the advance of waves 3! One law of Elliott waves is, that a wave 4 often returns to a wave 4 of one lower degree. So, a good target for such a scenario should be at or around the blue wave 4 level at 17055! Since end of July, N50 has made ~ 2K point, without any larger correction; so I guess the fuel could be running off for a while! On the other hand. When the bulls go crazy, they will extend the advance on and on! But as longer a correction is waiting for, the more „violent“ it becomes!
Ruebennase
Have a great weekend.... Feel free to ask or comment! Trading this analysis is at your own risk!