Nifty 50 - Elliot Wave Update

Here are the scenarios (ignore technical details (as I can post only one chart per post)

• Possibility 1: ED in E of E - 22400 should be low
  
• Possibility 2: C started in E - Can go till 22000 - 22250
  
• Possibility 3: C1, C2 done C3 going on - This will be bad. - 21600 possible
  

Tomorrow (Friday, Feb 28) is a crucial day for us to get the answer.

Tracking Nifty 500 (currently at 20315) will give a better picture.

Why? Because it was holding above the previous low, while Nifty had broken. This was giving the confidence that Nifty is divergent and forming a bottom, and we should head up after Feb expiry.

So, here’s what we need to track in Nifty 500 (today’s close: 20315)

⁠

• If we turn before 20130 - We'll go up till 22300-500
  
• ⁠If we break 20130, then we'll first go down to 19300-500, and then recover to 21500-700
  

Best would be today’s closing becomes the bottom, and we have a +1% green day tomorrow - breaking 20550 tomorrow is important (20 month moving average).

Let's see what the market has in store!