Nifty Elliot Wave ReCount

I have made correction in the wave count.

Wave 1 : 5293 to 4955 (338 Points)
Wave 2 : 4955 to 5035 (0.25% Retracement)
Wave 3 : 5 Subwaves (5035 to 4676) 359 points

Wave 3i : 5035 to 4765 (270 Points)
Wave 3ii: 4765 to 4935 (170 Points) (61.8% Retracement)
Wave 3iii: 4935 to 4692 (243 points)
Wave 3iv: 4692 to 4768 (76 points)
Wave 3v : 4768 to 4676 (102 point)

Wave 4: 4676 to 4844.

The 5th down wave might have started or the 4th wave may extend up to 4895 (61.8% retracement).



Pivot

R2 4872
R1 4837
PP 4810
S1 4775
S2 4748

Trendz

Week : Down
Day : Down
Hour : Trading (4765 to 4812)
30 Min : Up above 4791. Below 4755 down
15 Min : Trading (4796 to 4826)

Can short nifty if nifty hourly close is below 4750.

Thanks

Nifty Heading towards 4920

From the hourly chart If Nifty closes above 4820 then there is a posibility that Nifty may head towards 4920.

If nifty closes above 4860 then the EW count may be wrong. Close all shorts and go long for a target of 4920.

The 3iii(d) wave is on.




Pivot point for 10 the Feb

R2: 4851
R1: 4822
PP:4780
S1: 4751
S2: 4710

Various resistances

From Daily Chart
BBand (10) centre line - 4830
13 EMA - 4860
38.2% retracement of the recent fall = 4920.

Thanks

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.



Thanks

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