Today I am changing some of my short term views on Nifty..
- I think whole of June month was a correction. Below you can see that in Daily chart, Long term trend-line is broken. Hence we are now in 3 month correction which started in June. I am going back to view which was referred on my 23rd May blog… https://niftytechblog.wordpress.com/2017/05/23/nifty-23-05-2017/
- Current upmove(wave 3) was in 3 wave form and not 5 wave as I was referring earlier. I just checked my wave 1 count and see that it was referred as 3 wave upmove. Hence wave 3 has to be 3 wave move and not 5. See daily chart https://niftytechblog.wordpress.com/2017/02/11/nifty-11-02-2017/
Having said this, below is my chart update. Also I am sharing my projections as per Elliott wave for this upmove (wave (4) and (5)). Below is rough estimate of move I am expecting in coming weeks.
Below is Daily chart as per new projection
Other updated charts
As said on 10th June, I was not convinced that wave (iv) was complete due to time factor for wave (iv) and (ii), Today time taken by wave (iv) is >= to wave (ii).
I can say that we should soon see wave (v)/iii up-move
Current State: As per my count,below is current numbering.
I am still not clear if wave (iv) is complete or not. Normally I like to see wave (iv) taking more time than wave (ii), which is not the case now. Wave (ii) took 5 days & wave (iv) 3.5 days. At the same time, some of my other indicators says wave (iv) might be complete.
Hence, Either wave (iv) is complete or may take another 1-2 days to complete.
Nifty going above 9689 can confirm that wave (iv) is complete and wave (v)/iii is in progress.
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.