Elliot wave count on Nifty

[manoharpillai]

Rule 1: Wave 2 cannot retrace more than 100% of Wave 1.

Rule 2: Wave 3 can never be the shortest of the three impulse waves.

Rule 3: Wave 4 can never overlap Wave 1.

According to rule 3 Only when Spot Nifty breaks 4801 the present wave count comes to an end till then we are in up trend waiting for corrective wave IV to complete its course
the 100%confirmation of it will come on break out of 5500 or fibo 61.8% retracement level taken out convincingly at 5362

 

[ashmi]

Haha rampant,

Very well said. Elliott wave is so subjective that others will always find faults.

Nonetheless, very happy to see nifty here at 5900. So grateful to god that I took the technical analysis course. Indeed I can see a changed trader in myself.