Nifty Elliott wave analysis for 6oct 2020
Nifty needs to break below 11441 in quick time if it completed its wave (v) at 11578 and 11383-11181 are immediate targets because extended wave (v) retraces 100% in quick time.
But it nifty crosses 11578 without breaking below 11441 then we will consider wave (iii) completed at 11578 and wave (v) started from 11452.
Move from 11221-11578 is very sharp and steep with two gaps so there is a possibility that it is wave (iii) completed at 11578 not (v).
Let market to decide and our work is to watch out important breakeven point 11441.
But it nifty crosses 11578 without breaking below 11441 then we will consider wave (iii) completed at 11578 and wave (v) started from 11452.
Move from 11221-11578 is very sharp and steep with two gaps so there is a possibility that it is wave (iii) completed at 11578 not (v).
Let market to decide and our work is to watch out important breakeven point 11441.
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