Lets find New Nifty Top with Fibonacci and Elliott Wave Theory

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Lets find New Nifty Top With Fibonacci and Elliott Wave Theory

To everyone's surprise Nifty after declining more than 3% on daily chart on 21st Dec 2020 recovered and mere few points away from 13777

Look at Blue Impulse Wave plotted on Chart
Now with Gap up opening on Thur 24th Dec it is confirmed that wave 3 in progress and wave 3 ended above 1.618 Fibonacci level

Wave 4 was very short and didn't even retrace 0.236 levels so now if wave 5 is in progress then should reach to 13940-65

Now Look at Orange Impulse Wave
Wave 3 in extended case can go till 2.618 Fibonacci level 14017 next in wave 4 again 13700 will be tested finally wave 5 should end at 14212