Banknifty has completed all the requirements of a zigzag correction. We can also count a 5 wave advance in wave {c} on a lower time frame. But on Nifty we have not yet crossed the top of wave {a}, the minimum requirement of a zigzag. But all the EWP rules and guidelines were formulated by observing the markets, not the other way round, so as always markets reign supreme, and we can only do well if we follow it. I believe Banknifty has tipped its hand and below 8294.35 we should fall hard.
So now it is interesting to observe whether Nifty pulls Banknifty up to complete the zigzag, or Banknifty just falls taking Nifty with it!
Nifty is roughly between a band from 4500 - 4800, try to short OB markets and but OS markets, till this range is resolved.
where can the 5th end for Nifty?
ReplyDeleteWave 5 may end in the range from 4815 - 4875. Its a wide range but I feel we should target upper boundary of this range!
ReplyDeleteNifty certainly proved the stronger of the two today, has pulled Banknifty with it.
ReplyDeleteHI Aniruddha,
ReplyDeleteYou are really excellent in elliot wave theory..
I am also practising it but I have to learn a lot from you... I am reguralry following you and its just amazing to have your view... keep it up god bless you...as of today we should consider wave c to be finished or some more upside possible..??
@abhinav thanks for the adulation, I feel wave [v]of 5 is pending.
ReplyDeletei have one more question can you pls update last rally subwaves starting from low of 4692 in 5 min chart because as per fibonacci projection this steep upmove not satisfiying wave counts...
ReplyDelete