Nifty - Elliot Wave Update - Close to bottom, for Now!
I am considering the entire correction from October highs as a triangle - ABCDE.
We are now in E and E seems to be forming an Ending Diagonal - Another ABCDE.
The chart shared shows internals of the Wave E.
I have marked two alternates - Red and Orange, and in both cases we are close to end of correction which should end anywhere between 22500-600.
If 22500 breaks we will have to update the counts and consider a dip to 22000.
The bottom that gets formed could either be completion of correcting in Weekly Wave 4 in which case we head to ATH i.e. +28k in Nifty OR it could be just first leg of correction that ends in W and we go up in an X, in which case I expect 24-24.5k.
In both cases a good move up should unfold - Expecting March to be a green month and most likely April to follow through upwards - So, gunning for 2 green months.
A few factors getting aligned - US market seems topping out in Weekly Wave 3 and so does USDINR - both should favor some flow of funds towards a better valued Indian markets - and hence a +ve fund flow from FIIs should help bump up the markets, along with liquidity getting infused by RBI.
So, time to start putting in the lump-sums :)
We are now in E and E seems to be forming an Ending Diagonal - Another ABCDE.
The chart shared shows internals of the Wave E.
I have marked two alternates - Red and Orange, and in both cases we are close to end of correction which should end anywhere between 22500-600.
If 22500 breaks we will have to update the counts and consider a dip to 22000.
The bottom that gets formed could either be completion of correcting in Weekly Wave 4 in which case we head to ATH i.e. +28k in Nifty OR it could be just first leg of correction that ends in W and we go up in an X, in which case I expect 24-24.5k.
In both cases a good move up should unfold - Expecting March to be a green month and most likely April to follow through upwards - So, gunning for 2 green months.
A few factors getting aligned - US market seems topping out in Weekly Wave 3 and so does USDINR - both should favor some flow of funds towards a better valued Indian markets - and hence a +ve fund flow from FIIs should help bump up the markets, along with liquidity getting infused by RBI.
So, time to start putting in the lump-sums :)
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