In the last video I did a detailed analysis of Nifty from an Elliott Wave point of view and gave the main and alternate counts.
In this session I will discuss Nifty using the 15 min chart so that one gets a detailed view.
The premise is that Nifty is in Wave 2 of Wave 5 of Wave 3 as discussed in the last session. We also know that Nifty is most probably in a Triple Zig Zag correction and we are currently in the third Zig Zag with the Wave B in progression.
Probability 1 :
Wave B is a Zig Zag in itself which is running in the 2nd leg, that is Wave B is a Zig Zag and the current progression is the Wave b of Wave B.
From the above count the movement that I would predict for Nifty is that Wave b of Wave B will take support around the region of 8010-8040, if the support region is held then we will look at atleast the upper target of 8330 as discussed in the last analysis.
- Support @ 8040-8010
- If held then look for Wave c of Wave B.
- Wave c most probable target 8330.
Probability 2 :
Wave B has progressed as a Zig Zag and the Wave c of Wave B is already complete, look at the alternate count in the chart below.
If this alternate count holds then we will look for the Wave C or the last leg of the triple Zig Zag down to the region of 7900-7650, however more precise levels can only be obtained by looking at the structure of Wave C that is still under progression as per this alternate count.
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View the previous Nifty Elliott Wave Report here.
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