Looking at recent Nifty price action seems to be a rising converging triangle which will mark wave 5 ending on a smaller scale. This expected rise should take us beyond the all-time high of 18900. (possibility of an overthrow which points at 19100 or so.)
I have marked the base of the present impulsive wave in red as cycle wave IV(ending in a converging triangle)
On completion of the ending triangle expect a SIGNIFICANT correction. However, this correction should not take us below the cycle wave IV marked in red.
Keeping wave IV marked in red at 16800 as the bottom line, one can look forward to a good size bull run as ONE OF THE MAJOR possibilities of elliot wave theory.
NIFTY Opening On 5th June 2023