It looks like there is no interest for Elliot Waves. Even the thread starter is missing.
Here is my two cents on Nifty, although had posted at the other forum earlier in the day.
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.
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
Here is my two cents on Nifty, although had posted at the other forum earlier in the day.
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.
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
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