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To the analysis,
Refer the weekly analysis from our trading view profile here.
lets understand what the market is doing in larger time frames, say, Nifty Monthly chart analysis.
Nifty Monthly Elliott Wave analysis
The monthly charts shows the strength the trend possess through 5 consecutive months of rally and moreover the static resistance @ have been paddled and its time for a limited downside move (may not be reflected in monthly time frames). To understand it to the core, the analysis has to be deeper, i.e. the daily frame analysis in NIFTY.
Nifty Daily chart Elliott wave analysis
As the part of Elliott wave analysis, the labeling clearly states that this is an upward impulse move consisting of 5 wavesand it can also be inferred from the chart that the move has be framed as an expanding leading diagonal triangle and hence the wedge shaped structure and this has many takeaways and to discuss one by one,
What has happened...?
The move within the daily charts have been corrective and not motive in nature and hence the subdivisions in the form of triple threes (W), (Y) & (Z), the move initiated lifting NIFTY from the depths 6830. This triple three formation has been seen in wave 1 & 3.
The end of 3rd wave - @ levels previously mentioned in the JUN update ( if you don't remember visit it here ).
What is happening...?
The initiation of 4th wave and its movement is transverse to that of the main trend.
Further to our note here, the retracement should be deeper than that of previous 2nd wave retracement.
Now to note that where the 4th wave is heading, visit the video embedded here.
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