I would like to update my numbering of my previous post https://niftytechblog.wordpress.com/2017/05/23/nifty-23-05-2017/
- Wave iv came to wave ii region. This is possible in terminal form of Elliott wave
- But now I see that current wave v got elongated. This made my wave iii as shortest wave – which is not allowed in Elliot wave theory. Wave i length = 292, wave iii = 261, current wave v = 296 (in progress)
Hence with this new development, my best guess is below count which is in form of extended wave iii
Expecting one more push UP to complete wave v/(v) and then correction to 9000 level should start.
Small wave iv seems matured and wave v/(v) should start now.
For this view to be valid, Nifty should not fall much below today’s Low.
(iv) wave is near completion. Expecting wave (v) to start in 1-2 days.
I would still like to see Nifty coming to range of 9000-9050 first, before starting uptrend
It seems Nifty is forming a-b-c FLAT pattern for wave (iv). If I am correct, soon Nifty should start moving down to around 9000 level.
9140 – Look out for this level. Once broken, we can say that wave (c) of FLAT in progress.
Wave (c) to take 4-6 days to complete.
Expecting bounce tomorrow. Would like to see Nifty breaking previous low of 9017 first and then start moving UP.
- First – Nifty to go below 9017 (Would like to see this but Nifty may decide not to agree with me)
- This should show bulish divergence in hourly RSI
- Aggressive Trader – Thereafter get ready for entry. Play on 34 EMA, 5 min chart. When Price moves above 34 EMA in 5 min, enter long position. Stop loss could again be 34 EMA or tomorrow’s HOURLY LOW
- Conservative Trader – can enter on break of RED trend line
Lets see if this setup gets build up tomorrow or have to wait more
Seeing election results, I have renumbered my count. We have completed wave (iv) in some form of triangle and now wave (v) will start.
Wave (iii) took 21 days and wave (iv) 10 days.
We can expect 400-500 points rally.
This 1100 point rally from 7900 is over. We can see clear 5 waves.
- Divergence in (iii) and (v) wave
- (ii) – (iv) trend-line broken
Expect some correction/consolidation from now on.
Minimum 3 weeks correction/consolidation is expected.