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NIFTY WEEKLY SPOT
Nifty has not closed above the Bearish Engulfing Candle’s high of 7809 on a Weekly basis.So the sideways/ corrective trend continues.So watch this point.Any close above 7809 on weekly basis negates the Bearish Engulfing candle.Also I have marked rough Elliott wave points which is either forming wave(4) of the lower degree or may have completed wave wave(5) and thus larger Wave 3 .Either way, if the big blue “3” Wave 3 is complete, we may see 4 th wave form.Wait for a week or two so that a clear pattern emerges.
If Nifty is not able to close above 7809 on a Weekly basis, then we may assume Wave 3 as complete and wave 4 forming.If Nifty does not close above 7809 on a weekly basis and if Wave 4 is happening, target of Wave 4 to 38.2 percent i.e 7422 ( low of wave 4) — 7060 (38.2 %) can be expected.
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