Nifty Elliot Wave Count - Hourly Chart

Whether this downtrend have 5 waves or 3 waves there is a chance for one more downmove....So one can go short at higher levels with a stop loss of 4860.

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: 5 subwaves

Wave 3iii a : 4935 to 4877 (58 points)
Wave 3iii b : 4877 to 4912 (35 Points)
Wave 3iii c : 4912 to 4692 (220 Points)
Wave 3iii d : 4692 to .....

A 0.32 retracement will target 4776
A 0.5 retracement will target 4802
A 0.618 retracement will target 4827.

The trendline resistance also comes around 4800 - 4830. So we can short around these levels or keep SL for Shorts above these levels.



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