Elliott Wave Analysis - Nifty

The above chart explains the Elliot wave perspective of Nifty. As per Wave theory the present pattern consider as “Triple combination” which is Non-Standard corrective pattern. The pattern and price developments on past confirmed the outlook. According to Triple combination corrective pattern the labels are marked as follows (W) - (X) - (Y) - (XX) - (Z). Nifty travels with in the falling channel line which is marked at (W) - (X) - (Y) - (XX) - (Z). Now we are in wave b of wave (Z) which is heading up toward 5020 – 5090 levels. And Wave b is expected to end around 5020 – 5090 levels which is 50% - 61.8% retracement level taken from the high of 5400 to 4639 levels. Once wave b of wave (z) completes, wave c of wave (z) will commence on the down side.

As per current count structure we expects, after testing 5020 – 5090 levels one more falling leg is pending for downside(Targets will be updated later). Channeling and angle lines also adding the strength to this perspective. In case of any changes in the view we will update our alternate counts.