Nifty Elliott wave
Nifty seems to be making a 4th wave up in daily time frame.
On the hourly time frame it seems like forming a-b-c of which a & b waves are over. Currently it is moving up in wave 'c'.
5 min chart below shows that Nifty might have completed waves 1,2 and 3 at todays high sofar. Now it is forming the 4th wave.
As the wave 2 is very deep, based on alternate guidelines wave 4 may be very shallow. But this may be time consuming.
This view will be negated once the market moves below 7057.55 which is the top of wave 1.
Nifty 5 min chart:
Nifty seems to be making a 4th wave up in daily time frame.
On the hourly time frame it seems like forming a-b-c of which a & b waves are over. Currently it is moving up in wave 'c'.
5 min chart below shows that Nifty might have completed waves 1,2 and 3 at todays high sofar. Now it is forming the 4th wave.
As the wave 2 is very deep, based on alternate guidelines wave 4 may be very shallow. But this may be time consuming.
This view will be negated once the market moves below 7057.55 which is the top of wave 1.
Nifty 5 min chart:
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