This weekend lets do simple Elliot wave analysis on Nifty. There is generally an universal rule followed while using elliot wave. (i.e) Wave 3 will be biggest & at times wave1=wave 5. Lets stick to this simple rule and we have drawn few trendlines on daily and 4h time frame on Nifty. The support (redline) is retested thrice and we are expecting a retest before Nifty reaches 9000's. If you go by current 4h charts we have upper trendline (blue) which also coincides in reversal expectation area (8550's to 8650's), if reversal happens around here then we need to redraw our elliot waves. So as of now, I am looking for valid close on day & move out of 8600's zone, if that happens Nifty heading for 8850's. If reversal happens here within 8600's then small pullback to 8300's. Keep this as note to take further trades to decide direction of Nifty.
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