Nifty50 Target 12100 - 16th Oct

 Nify50 Elliott wave Analysis 16th Oct :

Nifty50 elliott wave analysis


1st Motive wave (7500 - 9050)After swift fall of corona pandemic, sudden bounce appears. The crowd is not able to catch the swing. 

2nd wave correction (9050-8100): Deep correction of 1st wave around Fibonacci 61.8% is unfolded. 2nd wave correction gives us clue for the 4th wave shallow correction around 23.6 or 38.2% as the rules of alternation of Elliott.

3rd Motive wave: ( 8100 - on the way ) 3rd wave is unfolding. Fibonacci 261.8% of the 1st wave is 12165. Price action @ 12165 will gives confirmation of the end of 3rd wave.

Sub Waves of the 3rd Wave also five impulses as I to V, currently nifty in V wave of the 3rd wave. Tiny Pink five waves of the V wave as below.

Nifty50


38.2% & 61.8% of the 0 to III is near to end  12198 & 13000

So Bulls will active as 4th wave will complete near 11600 for the Target of 12165


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