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Today we will try to analyze Nifty with possible all-time wave counts.



For that let’s have a look at monthly chart of Nifty.


In this monthly chart we can see major 1 and 2 is completed. After that major [1] and [2] also looks completed and [3] is in progress. Within [3] it looks like 1, 2, 3 and 4 is completed and 5 is in progress.


To understand the progress of 5 of [3] of 3 let’s see the weekly chart of Nifty.



In this weekly chart started from the low of 6825 it looks like 1, 2, 3 and 4 is completed. 4 have taken a shape of irregular wave. It seems like 5 is under progress from the low of 10005. To understand it properly let’s see the daily chart of the same.



From the low of 10005 upward progressions is not looking like an impulse. Moreover overlapping abc are visible rather than 12345. There are enough chances that wave 5 is taking a shape of ED (Ending Diagonal triangle). Now with in this ED one loop of abc is completed from 10005 to 12103. Second one looks like completed from 12103 to 10637. Now third loop is under progress which should end much above 12103. 3 should end at least above 12103. In ED wave 1 was of 2098 point. 3 can only be smaller than 1 when contracting ED is taking place but still it should be higher than 1.


To understand development of Nifty let’s see chart starting from 10637. For that we will see hourly chart of Nifty from 10637.



From the low of 10637 we can see a completed and b completed at 11090. C is completed at the high of 12038.5 or under progress. To understand it let’s see the chart starting from 11090.



C will always have a shape of impulse. Here we can see wave 1, 2, 3 and 4 is completed. 4 completed at 11802. Now 5 of C is under progress. To understand it let’s see 15min chart from 11802.



Now from 11802 we can see looping abc from 11802. Again there is a possibility that ED is under progress. If it is ED than 1, 2, 3 and 4 looks like completed and 5 is under progress. Here to confirm ED there is one condition that in any case low made by 2 which is 11867.8 should not be broken. Because in ED 4 cannot go below 2. If it goes below 11867.8 means this is not Ed but irregular wave 4 and it can go below 11802 with impulse shape. If we compare size of 1 and 3 both are of the same as 171 points.


So both the possibilities are there currently in Nifty. Level to watch for is 11867. If it holds new high is coming and if it breaks low below 11802 is coming. So one can buy Nifty with SL of 11866. Even one can sell there for the target below 11802.



Disclaimer:- Idea and views given here are only for educational purpose. It is just to show how Elliott wave analysis can be done in practical example. Do not take any trade only on the basis of idea given here. Consult your financial advisor first before taking any trade. We do not take any responsibility for any trade taken by whatsoever means or purpose.

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