Nifty close to finish wave 3 of super cycle
As per the Elliott Wave principles, Nifty is presently in a super cycle which commenced from the low of April 2003 at 924.30.
The first impulse wave Nifty lasted for 55 months till Jan 8, 2008 at touched the highs of 6,357.10.
The second wave, a corrective wave was triggered by US financial crisis in Jan 2008 and led to the lows of 2,252.75 on Oct 27, 2008. It is worthwhile to note here that the level of 2,252.75 is almost at 76.40% Fibonacci retracement which works out at 2,190.10 levels.
The third (current wave) is considered as the longest and the strongest wave. On August 13, 2021, Nifty closed at the lifetime high of 16,529.10. If we apply 2.618 times of wave 1 on wave 2 as per the principle of Elliott Wave, it works out at 16,294.52. It therefore appears that as per the Elliott Wave theory, Nifty has finished its Wave 3 of the super cycle and is probably ready for the corrective wave 4.
This is for educational purpose only and not an advice to buy, sell or take any position
The first impulse wave Nifty lasted for 55 months till Jan 8, 2008 at touched the highs of 6,357.10.
The second wave, a corrective wave was triggered by US financial crisis in Jan 2008 and led to the lows of 2,252.75 on Oct 27, 2008. It is worthwhile to note here that the level of 2,252.75 is almost at 76.40% Fibonacci retracement which works out at 2,190.10 levels.
The third (current wave) is considered as the longest and the strongest wave. On August 13, 2021, Nifty closed at the lifetime high of 16,529.10. If we apply 2.618 times of wave 1 on wave 2 as per the principle of Elliott Wave, it works out at 16,294.52. It therefore appears that as per the Elliott Wave theory, Nifty has finished its Wave 3 of the super cycle and is probably ready for the corrective wave 4.
This is for educational purpose only and not an advice to buy, sell or take any position
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