Although Elliott Wave Theory is vast subject and needs in depth study, I'm sharing a cheat sheet for those who have started to learn about the same. This should help them in understanding things better.
Also, try to correlate the cheat sheet with Nifty50 daily chart and be amazed to see how nicely the Elliott wave principles were followed there in the recent wave.
At the same time, please use discretion while following this cheat sheet as this sheet covers only the basic aspects of Elliott Wave principles.
@Gondu16, Impulse waves 1-5 are already completed in Nifty. After the Wave 5 being diagonal (ending) triangle, Wave A is already completed at 17497 (up to wave 2 of triangle of previous wave 5). We will see now wave B towards 17726-17867. From there, eventually it should reach 17250-17100 as part of Wave C.
Also, remember that diagonal (ending) triangle in wave 5 is usually a strong bearish indication. We may see quite an extended moves on downside after completion of Wave B.
Gondu16
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Thankyou for your analysis. What will be course of nifty next week?