Nifty short term view
Next 2 sessions will be critical for nifty. Strength above 7730 is likely to open higher levels like 7920-8000.. On the other hand, if nifty weakens below todays low of 7532,we may see 7300. wave counts are depicted in the chart and alternate counts are in the bracket.
Nifty could possibly be making a diametric as depicted in chart. therefore strength above 7730, likely to take market to 7920-8000 to complete G leg. And after that once again correction is likely..
Nifty medium term view
Disclaimer– Elliott waves to be effective,should be used with other studies Like supertrend,SAR. If markets are hinting towards some other possibility, then one needs to rework on wave counts.