Wave 3 Nifty has extended as shown. Extensions CAN occur in wave 3’s. A lot of overlapping at present levels, with markets being egged on by short covering. Correction should come anytime soon. However today is a clearing day, markets may not achieve much on the higher side but the lower direction is fully open.
Above I have shown with red and blue arrows minor wave 1 + 3(in red) = wave 5(in blue)
In Elliott Wave Theory, if Wave 3 is extended, it is possible for Wave 5 to be equal to the combined length of Wave 1 and Wave 3. This pattern is referred to as “equality” or “extension by equality.”
In this scenario, Wave 1 is measured from its starting point to its ending point, and Wave 3 is the extended wave, traveling a significant distance. To estimate the potential length of Wave 5, the combined length of Wave 1 and Wave 3 is used as a guideline. The length of Wave 5 is then projected from the end of Wave 4, and it is expected to be equal to the combined length of Wave 1 and Wave 3.
This is however an idealized wave theory projection and should be taken as JUST pointers.
IN ALL LIKELIHOOD CORRECTION IS NOW DUE AND
we should correct from AROUND these levels. (projected correction from 17500 to 17600.)