Nifty Elliot Wave Analysis - Last leg - Part 1

Let us analyse Nifty 50 - 3 hour chart. The last leg.

• Previously we had analysed the Nifty full cycle. Please check previous post to have a look on it. ( check previous post)
  
• Previously long back we had analysed and set the possible downmovement targets with title "Will Nifty repeat History of 2010 Pattern". ( check previous post)
  
• Previously we have seen the triple top pattern which dragged Nifty this much down. ( check previous post)
  
  
  Today we are analysing nifty - Last let - Overall - Part 1. Next parts will have detailed analysis in lower degree timeframe.
  
  
  
• Currently we are on Grand cycle ((III)) making. We are in question if that is the Grand Cycle ((III))
  
• We zoomed and only kept the last leg part which we are analyzing.
  
• We are looking at the 3rd, 4th, 5th subwave of ((III))
  
  
• The subwave (3) is at 11171. Then we assume the subwave (4) made possibly at 10004. Here we assume (4) is irregular correction and in current scenario assume (4) is already made. if Nifty is further going down and making new lows , then this (4) could move further right. We will see this later. Now assume (4) is made.
  
• Sub Wave (5) may be in the making after (4) .
  
• (5) is already making as the minimm fib ratio looks broke ( if our (4) is correct ) and (5) is in the making.
  
• Fib 61.8 is making at 12700 around ( 12090 actually ). We assume (5) to touch here if it is properly elliot labeled.
  
  
• Say we assume (5) completed at 12103 and then the retracement phase is running
  
• It looks the fib ratio is not properly achived and the pattern does not look complete.
  
• So we will analyze further in lower timeframe in our Part 2
  

Previous posts
1. Elliot Wave analysis of Nifty 50 - Higher level analysis - Full

2. Nifty made H & S

3. Will Nifty repeat 2010 trend