Nifty Elliott Wave forecast

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Nifty weekly chart


After the Union Budget Nifty has corrected bit it was short lived as it quickly conquered 12000 one next few sessions. However not many could see that it was trading near the channel resistance, there was also a distribution pattern seen which just got completed. Let us see now what is next for Nifty with help of Elliott Wave theory.

It completed ending diagonal pattern and it seems that wave 3 is over which opens wave 4 down. This wave 4 can retrace in-between 38.2-50% of wave 3 which can come to 8500-7350 respectively. Once this is over wave 5 on the upside will start. 

So I am expecting Nifty to falter near till 8500 (long term forecast).

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