NIFTY – I have given two charts above which are self-explanatory. The 1st one is showing price action from the March bottom at around 18600. The 2nd one shows more recent price action.
Markets MAY climb a little further before correcting. However, the rise is not expected to hold for too long and we will then correct it as shown in the 2nd chart. Once this PENDING correction is over we will be going up again, probably in a fast-paced manner again.
Foresee a huge upside once the present pending correction is over.
WHAT THE ABOVE MEANS – NIFTY ANALYSIS
The bull run is intact with a correction pending.
WORD OF CAUTION
This is and has been part of the FINAL cycle wave of the 5th. CYCLE WAVES cover longer duration, of many decades. When this cycle wave ends , it is actually the ending of the impulse wave commenced from begening of time. So the correction to the cycle wave when it comes will be proportionate to the WHOLE RISE.
5TH waves in elliot wave theory also mark the height of fear and negative sentiments at the END of the 5th wave. Although the waves are governed by mathematical laws, it is the 5th cycle wave which can be unpredictive as , by definition5th waves can EXTEND or can even terminate abruptly. Therefore one needs to watch carefully unexpected economic data , political developments and even natural disasters.