Nifty50_price_targets
Nifty - Looks like a fall is on the cards(Elliott Wave Analysis)Here I'm giving my short term view on Nifty 50 using Elliott Wave Analysis.
As you can see the structure is that of a Triple Zig Zag and currently we are in the last leg of this Complex Correction.
I believe there is a high probability that Nifty will give a reversal b/w 8340 to 8370, if not then T3 : 8440 will be on cards.
STRATEGY : Wait for reversal.
Sell for T1 : 7680 (Wave C MiNIMUM TARGET)
I will discuss further targets in a later post.
Point of Invalidation : 8600, If Nifty goes above this level without giving a correction then I will have to redo the counts.
Nifty Long Term View (Nifty Elliott Wave Analysis)Here I'm presenting long term view of Nifty using Elliott Wave.
I have counted the move from 4650 to 9100 + as 5 Wave Progression of Wave 3 rather then marking it as Wave 3 since it falls short of 1.618 mark, also the given count is much more fitting given the current wave structure.
As per this Main Count the current Wave under progression is Wave v of 3.
Targets
T1 : 9144
T2 : 9690
After that we shall have the Wave 4 correction followed by the Wave 5 up, however that we will look at a later date.
Alternate view : Alternate count suggests that Wave iv might be in continuing as a FLAT Wave which seems a less fitting count as of now, in that case we can see levels as low as 6820 and lower.
I will publish my view on lower time frames taking an indepth look in further posts.
