SPX5000
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Possible Elliot Wave Count - Nifty

NSE:NIFTY   印度Nifty50指数
Yesterday we expected the market to bottom out at around 10,125 levels but the market made a bottom at 10,095 and reversed.

There are multiple reasons to believe that the correction has ended.

1) The correction got completed at nearly 50% level of the move 9,687-10,490
2) The entire fall was a 5-3-5-X-5-3-5 (corrective wave- double zigzag ) rather than a 5-3-5-3-5(impulse wave)
3) Nifty             Bank never corrected in the same ratio as Nifty             during the entire fall
4) US markets were very resilient and hardly fell 1.5% from ATH             levels

The reversal looks pretty strong so assuming wave 2 low is in place at 10,095 let us analyse the market.
If we analyse the move from 10,095 - 10,232, we could see that 1st wave of the new impulse is taking shape. If Nifty             doesn't break below 10,095 then we could be in for a very strong and powerful rally that could could take us to new ATH             in the coming days/weeks.If the move 9,687-10,490 was wave 1,then the target areas for wave 3 could be around 11,400.

Good Luck!!!
Thanks for analysis.
What could be the expected time to reach for target area for wave 3 around 11400.
Thanks
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What about this month expiry?
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