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NIFTY50 analysis with Elliott wave theory:

Posted: 16 Sep 2020 11:42 PM PDT

Corrective Wave 2 is slightly higher than 50%.
They key learning here is Wave 3 important retracement levels as 261.8% at 12050 nearby and 11516 at 227.2%.

Impulsive Wave 3 is extended. When Wave3 is equal to 161.8% or more than it, its called as extended wave 3. In this case, you can see Wave 3 is extended. This is really important, because its decide wave 5. Wave 3 between the 261% to 227.2% ended.

Generally, Wave 4 traveled 38.2% to 50% in most of case. More likely expected fall or Wave 4 can be in rage of 11530-10070 before starting 2021.

Breaking down parallel channel will clear sign of corrective wave4.

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