Possible Elliot Wave Count - Nifty

NSE:NIFTY   印度Nifty50指数
Nifty made a 3rd wave top at 10,343 in the morning and then corrected for the rest of the day. The move 10,343- 10,268 looks like an abc correction which could be the 4th wave of the new impulse which started from 10,095. As per my analysis the move 10,139- 10,343 is the 3rd wave and 0.382 fibo level of the move comes at 10,265 so ideally the wave 4 bottom is in place at 10,268. The minimum targets on the upside comes at 10,364-10,422 . My alternate count is even more bullish which assumes wave 3(3) started from 10,268 which will extend to a new ATH . The level 10,340 became important today as it was the 0.618 fibo for the move 10,490-10,095. The two important levels to watch on the downside are 10,265(0.382 of the move 10,139-10,343) and 10,248(0.382 of the move 10,095-10,343). If Nifty breaks below these levels then we have to be cautious.

Good Luck!!!
As per my system, if 10268 is the low and no new low is made then 10226 is the support for longs. I buy around ( 10268-10226)here or initiate shorts.
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