Long Term Elliot Wave - Nifty- are we near bottom?

24 мар. 2020 г.

I have just updated my chart. Not much change except for the expectation how it will progress from here onward. We are nearing C wave of A of 4th wave ABC correction. A wave of 4 is nearing end. what we saw was C wave of ABC of A wave. Now expect prolong B wave. Most likely diagonal as it will allow principle of alternate waves. A was Flat with rapid C and elongated C. C reached 261% target. This is deep correction.
There are two option
1. Nifty starts wave 5 (Crono virus appears as hoax and markets stabilize now or we have a solution). Probability is moderate . However this is possible as wave 2 in larger structure is a complex correction hence wave 4(current) can be simple and deep. This wave has already achieved 261 % proportion and is deep correction.
2. Nifty will have B as diagonal (ABCDE). This will be very long B wave, i expect about 150-160 weeks that is almost 3 years. Then the Final C of ABC correction in B where we will test the lows again before we move to 5th wave. This is more likely as market will get time to do adjustments.

Regards
Anil