Short-term NIFTY Elliott Wave view suggests that the rally to 9709.3 ended on an Intermediate wave (1), and the pullback to 9449.06 low ended Intermediate wave (2). The rally from there could be unfolding as an Elliott wave Zigzag structure where Minor wave A is in progress as a Leading diagonal structure. Minute wave ((i)) ended as a double three Elliott Wave structure at 9649.80 and Minute wave ((ii)) ended at 9596.30. Up from there, Minute wave ((iii)) is unfolding as Elliott wave Triple three structure where Minutte wave (w) ended at 9700.7, Minutte wave (x) ended at 9642.65, Minutte wave (y) ended at 9830.05, second Minutte wave (x) ended at 9778.85 low, and Minutte (z) of ((iii)) is proposed complete at 9892.6.
Expect the Index to pullback in Minute wave ((iv)) in 3, 7, or 11 swing to correct the cycle from 9595.50 low before the rally resumes higher again for 1 more leg in Minute wave ((v)) of A. Afterwards, the index should pullback in Minor wave B to correct the cycle from 9449.06 low in 3, 7 or 11 swing before another extension higher. We don’t like selling the Index and expect buyers to appear after Minute wave B pullback completely makes the pivot at 9449.06 low to remain intact.
NIFTY 1 Hour Elliott Wave Chart
