Long Term Elliot Wave - Nifty- are we near bottom?
I have just updated my chart. Not much change except for the expectation how it will progress from here onward. We are nearing C wave of A of 4th wave ABC correction. A wave of 4 is nearing end. what we saw was C wave of ABC of A wave. Now expect prolong B wave. Most likely diagonal as it will allow principle of alternate waves. A was Flat with rapid C and elongated C. C reached 261% target. This is deep correction.
There are two option
1. Nifty starts wave 5 (Crono virus appears as hoax and markets stabilize now or we have a solution). Probability is moderate . However this is possible as wave 2 in larger structure is a complex correction hence wave 4(current) can be simple and deep. This wave has already achieved 261 % proportion and is deep correction.
2. Nifty will have B as diagonal (ABCDE). This will be very long B wave, i expect about 150-160 weeks that is almost 3 years. Then the Final C of ABC correction in B where we will test the lows again before we move to 5th wave. This is more likely as market will get time to do adjustments.
Regards
Anil
There are two option
1. Nifty starts wave 5 (Crono virus appears as hoax and markets stabilize now or we have a solution). Probability is moderate . However this is possible as wave 2 in larger structure is a complex correction hence wave 4(current) can be simple and deep. This wave has already achieved 261 % proportion and is deep correction.
2. Nifty will have B as diagonal (ABCDE). This will be very long B wave, i expect about 150-160 weeks that is almost 3 years. Then the Final C of ABC correction in B where we will test the lows again before we move to 5th wave. This is more likely as market will get time to do adjustments.
Regards
Anil
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