I have marked wave counts on monthly chart of Nifty showing 02 different possibilities as explained on chart given below:
But many of my students and learners fails to understand the future outcome of those wave counts mainly because they failed to understand the basic Elliott Wave Cycle explained in First Chapter of my book. Many have understood the cycle theoretically but are unable to apply it on real charts. So, let me explained the outcome using imaginary lines so that it can help to understand the counts better.
Condition 1 (Most Probable Condition): – If bigger wave (1) completed at 6357, bigger wave (2) completed at 2252 and bounce from 2252-6638 is inner wave (i) of Bigger (3).
This the monthly chart of Nifty covering all time move of Nifty. I have marked most probable wave counts till 9119 and further expected move I have shown using Imaginary red lines and further wave counts.
Outcome: This condition is indicating that there is no limit for Nifty on upside in this case. Nifty can rise even above 12000-18000 continuously in long term. 6415 is the pattern negation point for the wave counts market on chart because wave [iv] of  should not overlap [i]. And this is the most probable possibility at present conditions.
Please read the chart carefully and try to understand how I have marked the waves on existing chart and how I have shown the completion of every wave with imaginary line. I have marked inner wave using different styles for separation and better understanding. Please look carefully how I have shown that every set of smaller/inner waves is completion higher degree wave reaching finally to complete the bigger wave (5) and major wave cycle.
The lines drawn are just imaginary whereas it may forms different on real time charts with different patterns and Fibonacci retracement/projections but overall cycle will be like this if the wave counts I am marking are correct.
Please read the first chapter “Wave Cycle” of my book and try to relate the explanation in that chapter with this chart. And I hope that this chart with imaginary wave cycle will help to understand wave cycle easily. Even that chapter is published on my website and link to that chapter is https://sweeglu.com/concept-of-elliott-wave-theory-explained-with-examples-waves-cycle/.
Condition 2 (Very rare conditions): If bigger wave (1) completed at 6357 and bigger wave (2) is still in progress as “Irregular Correction” with Inner wave (A) of (2) completed at 2252 and inner wave (B) of (2) is in progress from 2252.
This is very rare possibility and I am explaining this possibility because many of my student/subscribers and followers are asking about the possibility of wave counts indicating crash in Nifty. Please look carefully at chart explained below.
This is again monthly time bar chart of Nifty covering all time move of Nifty. This chart is to explain the rare possibility of “Irregular Correction” for bigger wave (2).
In this condition, bigger wave (1) may be completed at 6357 and bigger wave (2) may be in progress as Irregular Correction with:
- Inner wave (A) of (2) completed from 6357-2252.
- Irregular wave (B) of (2) may be in progress from 2252 with inner wave (a) of (B) completed from 2252-6338, (b) of (B) completed from 6338-4531 and last wave (c) of (B) may be in progress from 4531 which is within its inner wave (v) of (3).
This condition is indicating a crash in Nifty as sharp wave (C) of (2) towards 4531-2252 after completion of wave (B) at higher levels. Waves will indicate the signs in advance if it is really going to happen.
Learners must have complete understanding of Elliott Wave Cycle, All Elliott Wave Patterns, Wave personalities and Fibonacci Calculation of every wave to master Elliott Wave Theory. So, please concentrate on reading the book and read my reports carefully all these factors are explained clearly in the book and I show the same practically in every of my report.
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