Nifty and it's future path with Elliott Wave analysis

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From daily chart, Nifty is moving up by not breaking its previous lows and it is taking support of the upward sloping trend line where it has taken support twice (marked by rectangle). However, new highs are not be made by the index. The falling trend line from the previous top is not allowing the index move above it. So it is imperative for prices to move above 11700 decisively for further positive possibilities to open. 

Any move above 11700 will give a confirmation that the trend is positive as it will make higher highs and higher lows. Also there is a bullish crossover of two short term moving averages and now prices are taking support of 20 EMA (red). MACD is above the center line and is also above the trigger line.

As per daily waves, prices are moving in wave iii/c. However, price confirmation is still needed which will be obtained after it crosses 11700, failure to do so can change the wave count as it can then make triangle pattern too. 

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