Short term Elliott Wave view on Nifty suggests the decline from 9.15.2022 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from 9.15.2022 high, wave 1 ended at 17429.7 and rally in wave 2 ended at 17919.30. Index then resumes lower in wave 3 towards 16820.40, rally in wave 4 ended at 17026.05, and final leg lower wave 5 ended at 16747.70 which completed wave (1).
Wave (2) corrective rally is now in progress as a zigzag Elliott Wave structure. Up from wave (1), wave A ended at 17428.8 and pullback in wave B ended at 16950.30. Wave C higher is currently in progress as a 5 waves. Up from wave B, wave ((i)) ended at 17142.35 and pullback in wave ((ii)) ended at 16956.95. Index then resumed higher in wave ((iii)) towards 17811.50. Expect a pullback in wave ((iv)) before another leg higher in wave ((v)) to end wave C of (2). Wave (2) should end somewhere at 17646 – 18075 area then the Index should resume lower in wave (3) or pullback in 3 waves at least. This view is valid as long as it does not break above previous high on 9.16.2022 at 18096.15.
