Tuesday, July 17, 2012

Nifty - Elliott Wave Analysis

This is the long term chart for Nifty,  I am not explaining the wave counts, as they are self explanatory. I would appreciate your feedback and opinions after seeing this chart.


  1. Hi Anirrudha, Thanks for your quick response. I concur with your wave counts. On a learning aspect, i have a question. How do you label wave 5 at 6339 as wave 5 has not closed above wave 3 at 6357 -- are you considering this as a truncation?
    This is how i am counting the correction started from 6339. I am considering present wave as a ABC correction where the A wave had a ABC formation of 6339 - 5178(A) - 5944(B1) - 5196(B2) - 5740(B3) - 4531(C) which was in a clear downtrend with lower highs and lower lows. The B wave started from 4531 looks as a 5 wave pattern where the third wave ended at 5348.5 and this is a definite upmove due to higher highs and higher lows if we consider the fourth wave to have ended today at 5169. Please let me know your thoughts. Thanks again!

    1. I am counting the wave ending at 6339 as a truncation. And regarding the correction after 6339, I would really appreciate if you could post a link to the chart with your analysis. I understand the charts better than numbers.


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