Nifty Long Term View (Nifty Elliott Wave Analysis)

Jan 10, 2017

Here I'm presenting long term view of Nifty using Elliott Wave.

I have counted the move from 4650 to 9100 + as 5 Wave Progression of Wave 3 rather then marking it as Wave 3 since it falls short of 1.618 mark, also the given count is much more fitting given the current wave structure.

As per this Main Count the current Wave under progression is Wave v of 3.
Targets
T1 : 9144
T2 : 9690

After that we shall have the Wave 4 correction followed by the Wave 5 up, however that we will look at a later date.

Alternate view : Alternate count suggests that Wave iv might be in continuing as a FLAT Wave which seems a less fitting count as of now, in that case we can see levels as low as 6820 and lower.

I will publish my view on lower time frames taking an indepth look in further posts.