My First Attempt in Elliot Wave

This is my first attempt in Elliot Wave. If my wave count is correct then we are in the 3rd subwave of 3rd wave in this downtrend.



Wave 1 : 5293 to 4955 (338 Points)
Wave 2 : 4955 to 5035 (0.25% Retracement)
Wave 3 : 5 Subwaves
Wave 3i : 5035 to 4765 (270 Points)
Wave 3ii: 4765 to 4935 (0.618% Retracement)
Wave 3iii: 4935 to ....

There is also a bear flag formation in the making with 4840 as breakout level. Bear Flag is a continuation pattern which means Nifty to head lower in the coming days. If the formation is indeed a bear flag then the target is the height of the flag pole from the breakout point.

Height of the Flag Pole = 5293 - 4765 = 528 Points
Breakout point = 4840

Target = 4840 - 528 = 4312

So are we going to see 4300 levels or once again my interpretation is wrong...only time will tell...

Thanks