Elliott Wave View: Nifty looking to resume rally

Hello Traders,

Short term Elliott Wave view on Nifty suggests that the decline to 10004 on Oct 26 low ended black wave ((2)). This means that Index has ended the selloff which started from Aug 28 high (11760.20). It is currently either in the process of eventually breaking to new high again or at least rallying in 3 waves to correct the cycle from Aug 28 high before turning lower again.

Up from 10004, red wave 1 ended at 10624 and unfolded as a 5 waves impulse Elliott Wave structure. Black wave ((i)) of 1 ended at 10128.85, black wave ((ii)) of 1 ended at 10012.65. Black wave ((iii)) of 1 ended at 10606.95, black wave ((iv)) of 1 ended at 10477 and black wave ((v)) of red wave 1 is proposed complete at 10624 and red wave 2 pullback is also complete at 10442. As long as it stays above that level but more importantly above 10004 we expect Index to extend higher at least 1 more leg higher. We don’t like selling the Index.