Possible Elliott Wave Analysis - Long Term Nifty Chart

As per my analysis Nifty is currently trading in wave 4 of 3 of 3 which means Nifty have a long way to go higher to complete the 5 wave structure. The 23.6 and 38.2 fibo retracement levels of wave 3 of 3 of 3(4520-11170) comes at 9600 and 8600(8600 is also a trend channel support), ideally wave 4 should find a bottom in between those 2 levels. If we project wave A (11170-10275) then the common wave C targets comes at 9736 and 9183( 1x and 1.618x wave A projections). If we project the wave targets for wave C using the internal wave count then again we arrive at levels closer to 9200/9000 as the levels where we could form a bottom before moving higher again.Watch out for 9700/9600 zone and 9200/9000 zone as these two zones could provide ideal buying opportunities for long term investors. If Nifty indeed bottoms out at 9200 as expected then the wave 5 of 3 of 3 could take Nifty towards anywhere between 12,600 to 16200 depending on the fibo extension of wave 5.

Please consult your financial advisers before taking any decisions.

Good Luck Traders !!!