Nifty – I have given two charts above. The 1st one is for a longer duration , with 5th wave extending further
The lower one is the immediate.
In the immediate the markets may or may not come down a bit. However the basic thrust as shown in the 1st chart is upwards with the 5th wave extending
NOTE ON EXTENSIONS
Extensions are most commonly observed in STRONGLY trending markets where the prevailing sentiment is driving prices in sustained direction. These trends can be fuelled by of course fundamental factors , news events etc.
Suffice to say that in a trending market , The 5th wave is the most important to observe (as it is the last wave of the impulse) and one must heed the call for any correction by the wave count.
Of course above holds good for traders. Investors should stay invested and ride the trend.