Nifty Elliott Wave Analysis

Nifty hourly chart

From hourly analysis, there is no discontinuation of higher highs and higher lows and so it is difficult to say that the trend is negative, but a move below ... which is the black horizontal line can open negative possibilities.

As per wave theory, the index has completed wave a in a complex correction and now it is moving in wave b which can falter till ....% of wave a of one higher degree which comes to .... levels.

The summation is, it is imperative to remain cautiously positive for the index, any move below... can drag it till .... levels in near to medium term.

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