I'll try explaining my Nifty chart analysis through Elliot waves.
Nifty, again, is likely correcting in a 5-wave pattern. After reaching an ATH of 24274, Nifty's downside waves/correction started towards the end of September.
Wave (1) moved in a 5-wave pattern and ended around 24700, as marked in the chart.
Wave (2) had a zig-zag pattern and ended around 25200.
Wave (3) also had a 5-wave pattern, falling 1.23 times wave 1 to end around 23300 levels.
Wave (4)- Nifty is currently in this wave, which is probably in a zig-zag pattern. Wave (4), as usual, notoriously has violent moves on either side, giving challenges to traders.
Probable levels of termination of wave (4) are 24800 {0.5 of waves (1-3)}and 25150 {0.618 of waves (1-3).
Wave (5) - Assuming wave (4) termination around 25150, we can expect a big correction in Nifty to 22700 levels. This wave (5) alone can cause approximately 10% fall in Nifty.
Remember,
THE MARKET IS ALWAYS RIGHT.
Trade with appropriate stoploss.
Nifty, again, is likely correcting in a 5-wave pattern. After reaching an ATH of 24274, Nifty's downside waves/correction started towards the end of September.
Wave (1) moved in a 5-wave pattern and ended around 24700, as marked in the chart.
Wave (2) had a zig-zag pattern and ended around 25200.
Wave (3) also had a 5-wave pattern, falling 1.23 times wave 1 to end around 23300 levels.
Wave (4)- Nifty is currently in this wave, which is probably in a zig-zag pattern. Wave (4), as usual, notoriously has violent moves on either side, giving challenges to traders.
Probable levels of termination of wave (4) are 24800 {0.5 of waves (1-3)}and 25150 {0.618 of waves (1-3).
Wave (5) - Assuming wave (4) termination around 25150, we can expect a big correction in Nifty to 22700 levels. This wave (5) alone can cause approximately 10% fall in Nifty.
Remember,
THE MARKET IS ALWAYS RIGHT.
Trade with appropriate stoploss.
Dagangan aktif
So far so good! The wave 5 exactly as predicted. 
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.