Nifty Alternative 2 in Elliot Wave Analysis

Nifty @ 21997.70 #Alternative-2

•  In this formation I have make little adjustment in the wave counts because of the charting formation between the entire move 21135 low 22526 high. 

•  In my previous alternative-1 I have shown 21135 low till high 22526 move as an ending diagonal and showing that wave v is completed at 22526 and now we are in middle of correction but in this formation entire up move from 21135 low till high of 22526 I m showing as Leading Diagonal which means entire up move from 21135 till high of 22526 is a micro wave i and right now nifty is in middle of micro wave ii which should hold downside 21837 to 21617 zone on closing basis and anywhere from this support zone it should head higher for new ATH by from next week onwards.

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•  Reason I'm showing 21135 to 22526 Leading Diagonal & I have kept this alternative open is because internal move showing impulsive to me between 21135 to 22526 & because it's an impulsive move I have kept this alternative open & giving bulls a second chance here to see how they behave near 21837 to 21617 from tomorrow. 

•  #NOTE: seeing this alternative do not try to buy index here or try to do bottom fishing here, if this alternative is active then we will get a chance for reentry again in long side but if this alternative is active then let it first give us confirmation that bulls are alive & standing at 21837 to 21617 spot levels & ready to kicking once again.

•  As per this alternative 21837 to 21617 should hold and by next week or by month end nifty should give us a close above 22526 spot levels. This alternative view fails if nifty closes below 21837 to 21617 spot levels zone