NIFTY... ELLIOT WAVES

Nifty is currently in the downward wave three correction.
We have witnessed two red rays, which are part of wave 5 of the downward wave 3.
So, we can witness one more red candle day that can complete wave 5 (of the larger wave 3) on the downside, and then the market should rally up in wave 4.
Beware of the major wave 5 correction which is likely to begin in the second week of September.