Elliot wave analysis.
The impulse waves are completed on the downside. Waves 1 and 5 were equal in length, and wave 3 ran 1.68 times wave 1.
Today we saw corrective wave B, approximately 0.78 times wave A in nifty, 0.618 times in Finnifty, and 0.5 times in bank nifty.
All these waves correlate well with Fibonacci levels.
A decent C wave correction can retrace between 0.38 to 0.618 length of the impulse wave.
Expecting a gap-up opening and 17600 as the first target and 17700 as a second target in Nifty.
The impulse waves are completed on the downside. Waves 1 and 5 were equal in length, and wave 3 ran 1.68 times wave 1.
Today we saw corrective wave B, approximately 0.78 times wave A in nifty, 0.618 times in Finnifty, and 0.5 times in bank nifty.
All these waves correlate well with Fibonacci levels.
A decent C wave correction can retrace between 0.38 to 0.618 length of the impulse wave.
Expecting a gap-up opening and 17600 as the first target and 17700 as a second target in Nifty.
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