NIFTY 50 INDEX ELLIOTT WAVE ANALYSIS 11 October 2020

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Nifty is unfolding in a five wave advance from the lows of 10790 where it completed wave4 , within this five waves of the fifth wave it is currently in the third wave of one lower degree and its projected target comes around 12060-70 odd levels which will be 1.618 times wave one of the same degree. Support is placed at the lower end of the channel around 11800 - 11750 levels. The dashed green lower channel is the guiding factor for reversal in near term.