 |
| NIFTY WEEKLY ELLIOT WAVE CHART |
Starting
from the lows of 4534 we had wave 1 as a leading diagonal ending at
6229. Wave 2 corrected to 61.8% + levels and thereafter we are
enjoying a wave 3 move. (A possibility was suggested as an alternate
count last Aug.)
For
now W3 has already moved beyond normal i.e. more than 161.8% of wave
1 next possible extension is 176.2% or 200% at 8091 & 8495.
 |
| NIFTY 15 MIN CHART |
Now
look at the internals of wave three starting from 5105 which appears
to be nearing completion. W 3 ii retraced merely 38.2% of W 3 i, the
normal end of wave 3 comes at 6181. If we further go down and
look into what looks like a wave 3 v, it is forming an Ending Diagonal
and we are at W 3 v (4).
In
nutshell, keep an eye on 8091 -8161 range we may have a meaningful
correction starting from there.
Happy
Trading!
SHEKHAR
