Nifty Start of Corrective Wave

5 thg 9, 2020

Detailed Analysis using Elliot Wave

Nifty from march lows formed Leading diagonal and its abc correction till 8806, fresh 5 step impulse wave was triggered till 11794.

Nifty opened gap down on Friday 04th Aug, Gap was wide and didn't get fill.
It has also broken swing low 11325 so this suggests start of fresh corrective wave.

Nifty to again test 11111 levels which is least expected correction. Breaking below that we will see below Fibonacci correction levels
0.236=11089
0.382=10653
0.5=10300
0.618 = 9947
0.786 = 9445

Now Mondays 07th Aug closing is important then we will consider following
Case 1 view Sideways: Wave B is flat or any complex correction range 11300-11584

Case 2 view Bearish: Wave C will be in progress 11111 will be hit subsequently below that given fib levels will be tested.

Case 3 view Bullish: Only above 11600

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