elliot wave is little subjective concept so no controversy it only view on nifty.
In weekly chart-
It is wave 3 impulse of correction then nifty will breaks 5548 decisively and goes upto 5365 (161.8% retracement of wave 1). If it is 3 wave correction then wave c impulse wave then correction over near 5548 and again bounce from here or new downside starts have to watched . As per envelop and kelter bands its lower band range is at 5530/5524. So seems wave c of correction technically as per. I might be wrong or right that time will tell.
Daily chart observation-
Seem wave 5 and need to retrace back upto 5754 max for 3 wave correction a,b,c. If trend revert from here then bearish then as said above some to this level. Sustaining below 5464 envelop band lower range dont seems feasible as of now and bounce aupto 5754 likely as per elliot wave principles upto my understanding.
Broader ranger for nifty is 5464-6039 in daily chart and 5530-6112 /6197 in weekly chart.
For going upside sustainability above 5670 (200 ema is important).
Due to political uncertainity sometimes market dont behaves on technicals. So these views are for normal market scenario. 5176 is weekly chart ema will be good support in worst case scenario. Below that market enter in primary bear trend.So let see time will tell.:thumb:
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In weekly chart-
It is wave 3 impulse of correction then nifty will breaks 5548 decisively and goes upto 5365 (161.8% retracement of wave 1). If it is 3 wave correction then wave c impulse wave then correction over near 5548 and again bounce from here or new downside starts have to watched . As per envelop and kelter bands its lower band range is at 5530/5524. So seems wave c of correction technically as per. I might be wrong or right that time will tell.
Daily chart observation-
Seem wave 5 and need to retrace back upto 5754 max for 3 wave correction a,b,c. If trend revert from here then bearish then as said above some to this level. Sustaining below 5464 envelop band lower range dont seems feasible as of now and bounce aupto 5754 likely as per elliot wave principles upto my understanding.
Broader ranger for nifty is 5464-6039 in daily chart and 5530-6112 /6197 in weekly chart.
For going upside sustainability above 5670 (200 ema is important).
Due to political uncertainity sometimes market dont behaves on technicals. So these views are for normal market scenario. 5176 is weekly chart ema will be good support in worst case scenario. Below that market enter in primary bear trend.So let see time will tell.:thumb:
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