Let me try to explain the things with the help of charts.I am not that good in making charts but let me give a try.This is weekly chart.Please note this is very big picture that i have depicted here.
In this chart,you can see we have completed Big A wave followed by Wave B and now it seems Wave C is in progress which started from high of 6230.Now if this Wave C is true then according to Elliot most of the times Wave C tend to finish 1.0 Fibonnic projection of distance from Wave A to Wave B hence Wave C completion comes close to 4400 which also seems to be the level from where Wave A started hence Wave C has has to finish close to start of Wave A.
The yellow line projection that has been shown might not give exact those levels/points but it should come down in five waves which is the key point that i am trying to say here.
First projection that Big 3rd Wave is in progress will come when Nifty will break trendline which is connecting Wave2 and Wave4 as shown in picture.
Now how many days/months/year it will take is what GANN experts can tell.
In this chart,you can see we have completed Big A wave followed by Wave B and now it seems Wave C is in progress which started from high of 6230.Now if this Wave C is true then according to Elliot most of the times Wave C tend to finish 1.0 Fibonnic projection of distance from Wave A to Wave B hence Wave C completion comes close to 4400 which also seems to be the level from where Wave A started hence Wave C has has to finish close to start of Wave A.
The yellow line projection that has been shown might not give exact those levels/points but it should come down in five waves which is the key point that i am trying to say here.
First projection that Big 3rd Wave is in progress will come when Nifty will break trendline which is connecting Wave2 and Wave4 as shown in picture.
Now how many days/months/year it will take is what GANN experts can tell.
prabhsingh....
Then what is the point of negation....i.e., till at what point this "ABC-Wave theory" holds true... what is the counter projection of the same...if negated?
also wave C goes up to 1.0 or 1.618 fibo of wave A.. just a small confusion...