NIFTY - Triple Bottoms on uptrend - 5th Elliot impulsive wave

18. Juli 2022

I am seeing this in the NIFTY cash Daily timeframe.

Are you guys seeing the same? Or I am hallucinating (at 10:30 PM night J )


Observations:

• 3 rounding bottoms formed in an uptrend.
  
  
• There is a clear ascending triangle
  
  
• Now the interesting part is: if we take 20th June as the starting of the wave, then it is aligning perfectly to A, B, C, D waves. All the conditions are met (like wave-3 is max, wave-2 is 60% of wave-1).
  
  

Going forward

• Ongoing impulsive wave-5 will be similar to wave-1. So the top is coming around 16575.
  
  
• The correctional wave-1 (Point-5 to Point-A) coming around at 16200 (Point-A)
  
  
• The correctional wave-2 top (Point-A to Point-B) is coming around (some June-7 level) 16500.
  
  
• The correctional wave-3 (Point-B to Point-C) bottom coming around (similar level as wave-4 as in uptrend move) 15950 (Point-C).