Nifty Elliot Wave theory explained with projection of wave 4

Till date Nifty on wave 3 on larger degree of Elliot wave

Explanations:-

** If we subdivided wave into shorter degree or in 5 wave its match with Fibonacci retrenchment levels in all subdivision of wave 1.

** On wave 2 which is a corrective wave also match with Elliot wave rules and its take corrections within 50% of wave 1.

** On wave 2 subdivision are also match with corrective wave patterns.

** Now comes to Wave 3 which is need to match with Elliot wave theory where Fibonacci levels should be 161.8% of wave 1, which is 11340 approx.

** If the wave 3 subdivided into shorter wave degree, we can see the 5th wave is forming and it has to be within 1.236-1.618% of wave , equal to wave 1 or 61.8% of wave 1+3.

** So now comes to conclusion on 5th wave

* Either 1.236- 1.618% Fibonacci levels of wave 4 which is on 11630 approx

* Or equal to wave 1 which is 12450 approx

* Or 61.8% of wave 1+3 which is also near 12457 approx

** Now end result till date on longer wave degree was as per Elliot wave theory and along with its subdivision of, if wave 5 on shorter degree is gone above 11600 it will decline the larger wave degree.

** So on the larger wave degree wave 3 is completed and now wave 4 is about to happen.

*** On larger degree wave 4 which is corrective wave and which is as per rules

* On 14.6% = 11102.50

* OR 23.6% =11864.10

* OR 38.2% = 10470.80

Sell Nifty around 11370-420 With Stop-11480 Target-11110/10870/10470

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