Nifty takes support at 61.8%

Five waves up in Elliott Wave analysis indicate trend and direction. So when we see a five-wave move in a particular direction, that is the trend. Following that, three waves down is where the correction ends, and we anticipate another five waves up. On this chart, Nifty also fell to the 61.8% retracement mark in the a-b-c pullback making the setup ideal for the bulls.