Elliott Wave Theory
- Thread starter 1sandeepgupta
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Nifty Spot Daily
Nifty has declined to the 50 ema in an impulsive fashion. Looks like a 5 wave leading diagonal on the hourly. A pullback from here is likely in Wave B.
I am expecting a 7 swing decline on the daily to new lows.
Nifty Spot Hourly
The hourly shows a probable leading diagonal with a probable bullish divergence on the oscillator.
Nifty has declined to the 50 ema in an impulsive fashion. Looks like a 5 wave leading diagonal on the hourly. A pullback from here is likely in Wave B.
I am expecting a 7 swing decline on the daily to new lows.
Nifty Spot Hourly
The hourly shows a probable leading diagonal with a probable bullish divergence on the oscillator.
Nifty spot hourly
Using fibonacci extension tool , wave 5 should complete around 7659 .
Wave 3 is shorter than wave 1 , so wave 5 can not equal wave 3.
That means the leading diagonal wave count holds till Nifty stays above 7586 in this decline.
Now, if Nifty violates 7586 , this decline will be counted as 3 of 3 instead of 5.
Using fibonacci extension tool , wave 5 should complete around 7659 .
Wave 3 is shorter than wave 1 , so wave 5 can not equal wave 3.
That means the leading diagonal wave count holds till Nifty stays above 7586 in this decline.
Now, if Nifty violates 7586 , this decline will be counted as 3 of 3 instead of 5.
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