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madabas
Jan 24, 2022 8:01 PM

Nifty - yet complete short term correction. 

Nifty 50 IndexNSE

Description

This is not an analysis. It's purely my learning on elliott wave principals and educational purpose only.

ABC pattern yet to complete for short term correction.
Comments
Amique_UK
As per the rules of Elliott wave, the B wave of Zig-Zag correction can only retrace upto 78.6%. But here it retraced upto 90%. Hence can't consider as zig-zag. Even labelling internals of B wave as WXY would be appropriate. Just my thoughts.
madabas
@Amique_UK, Thanks! The B wave can be more than 90% of A wave in a FLAT correction. My thoughts were to recognize this as ABC flat correction, but I didn't mention as flat. I agree with labelling part B wave to be XYZ as appropriate.
Amique_UK
@madabas, Since A is marked as 5 waves down, ABC cannot be a flat. Flat is 3-3-5
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