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.
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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
At 7920-8000 Nifty is likely to complete 3rd wave and possibly making 4th towards 7300 for next 2 months.
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.
good analysis