Nifty Elliot Wave Analysis

NIFTY LIVE UPDATE ALTERNATIVE-1 : as per this alternative i m seeing extension in the ongoing trend and up move which started from 18060 is wave III & this move is doing sub division and within that move wave v of III is doing ending diagonal triangle and if this case is active then without giving close below 18650-18669 spot levels it should up move one more time towards 18930 to 18980 spot zone and anywhere from this zone it should give a pull back towards 18650-18550 and again from this zone we may move upside above 19k levels

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Nifty Alternative-2 : as per this alternative at today's high 5 wave up move is complete and wave 5 of this up move has formed Ending diagonal triangle and at today's high we got our new wave 1 and now wave 2 correction should take us towards minimum 18065 in days to come...

We do not know which alternative is active right now Alternative-1 or Alternative-2 but what we do know is we have one level in between which is 18669—18650 till this holds we will assume that alternative -1 of extension move is active and once we break 18669—18650 we have to go cautious for few days cuz chance of Alternative-2 comes in action is high and we may correct till 18065 as a part of profit booking correction so understand the importance of 18669—18650 spot levels here.

If I m not mistaken since last 7 or 10 trading session nifty is keep giving me 2 alternative and one level to look forward if that level gets break trend gets change for short term and if it does not we will remain in ongoing trend and today is once again one of those days.

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My only reason i m seeing extension in the market and that reason is structure of #Reliance only reliance is forcing me to think that i m doing extension in nifty nothing else let see nifty manage to hold 18669-18650 or not.

Its tough to play top and bottom all the time, but rather picking top and bottom better way to have our reversal level in mind and stick with the trend so for me i m sticking with the trend as long as 18669—18650 spot is holding and this is the best way to stick with the ongoing trend rather predicting and projecting a big one side move