NIFTY possible Elliot wave counts

28 thg 4, 2023

Here we had shared possible Elliott wave counts on hourly time frame of Nifty chart.

Whereas if we are unfolding part of correction phase then currently we are in A-B-C of ((2)) or ((B)) heading towards north directions, which we can see or say in bullish way, where we can fail this rally near 18567 levels which is nothing but equality level of A and C inside wave ((2)) or ((B)), we can resume correction downwards again post this rally, which can be a subdivision part of wave ((3)) or ((C)) towards south directions. Well, sometimes C may be truncated too.

What if scenario

We are in Bull market at current stage or we can say what if we are in impulse right now ? Then also we have to unfold current rally not as a A-B-C but as a 1-2-3-4-5, so up to C or 3 levels should not violated because road map is same for both scenarios. Buy on dips with strict stop loss is only mantra, always try to trade at lowest risk with good enough reward probabilities.
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.