NIFTY Opening On 15th May 2023

The sudden rise on Friday AFTER the initial fall can be taken as part of a “FLAT” correction. The flat correction has 3 legs and the upward last leg of the flat is now completing.
I have given the shaded portion of the price action as part of wave 5 completion as an alternative. Whatever the case might be- markets have completed the impulse wave OR in the process of completing, we should in all probability see a downside soon enough. The downside will be again swift till 18200 , in case the 3rd leg of the flat is considered.
HOW MUCH THE MARKETS CAN CORRECT
MINIMUM level of correction is seen at 17970. The exact correction can only be determined once the correction starts. The markets are going to correct the full impulse wave commenced from 16830 till the top made at 18340. The amplitude of correction is determined by various factors of the price action , like swing lows and highs, fibbonacci levels and oversold and over bought calculations. WAVE 2 can easily retrace upto 50 to 62 percent of the full impulse wave,(around 1500 points) BUT in fast moving markets , the level can be as low as 25 percent.
SUBJECTIVITY IN ELLIOT WAVE ANALYSIS
It is important to recognize that subjectivity in elliot wave analysis(different people doing the analysis get different results) does not necessarily mean that Elliot Wave Analysis is inherently unreliable. There will be always variance in wave identification and determining the wave degree among different analysts. Analysis is definitely affected by our own presuppositions, fears and past experiences. This can be only overcome by EXPERIENCE and MORE EXPERIENCE. Mentorship from someone who is experienced certainly helps.
TRADING WITH OPTIONS
Options by their inherent nature give you ample time to correct course. However combining option strategies with elliot and traditional indicators requires experience , knowledge and well thought out strategies. Also before delving into option trading one needs to understand the hidden dangers and risks involved in buying and selling options.