Nifty - Elliott Wave Update

1. Nifty is testing an approximately 6 month old TL. We might even break this one.
2. EWP suggests that we are looking for a wave (4), and 4th waves ofter break these TL in an impulse move.
3. If we do break below the TL, we have next round of support coming around, 5823-5777.
4. Below that we might even test 5583-5549 odd levels.
5. But there is every chance that we might get supported between these two bands of support, should we get there.
6. Both the 2nd waves so far have been sharp and short, whereas the last 4th wave of one lesser degree was a drawn out affair. That is what we should be expecting here.
7. But only market knows what it is doing, or may even that is doubtful, so as always it is better to let the market tip its hand first.