It seems Nifty is in wave 3 of (C or 3) and if 3 completed at 11487 then wave 4 retracement levels are 11313-11206 and for upside 100% and 123% projection of wave (C or 3) is coming at 11566 to 117098 respectively.d humour and the like).

Normal projection of wave C could be a reversal range in nifty for high above 11118. To find out exact reversal we need to concentrate on the decline from 11118.

For Bull View Nifty will have to move fast above 11118, any delay below 11118 is a warning for bulls.

Nifty if could not sustain 10913 level then it may fall in the range of 10534-10334 as wave C as shown on chart.

>Nifty Elliott wave analysis for 4th Feb 2019 onwards

Irregular correction at from 10629-10987 is indicating bounce above 10987. And if Nifty trades above 11065 which is 123% projection of 10534-10923 then it can further bounce sharply towards 11700.
OR
IF nifty declines back from 10987-11065 level then one more decline is possible towards 10584-10534.

Wave count of Pattern here(Left side of vertical line) can only be confirmed after short term moves gives us some indication.

I would like to wait till the pattern given in ellipse is clear. As of now this pattern has multiple possibilities which is not good for swing or positional trading. So try to catch small pattern for intraday trade. Have a safe Trading…

If Nifty bounce towards 10880 and above before 10:00 AM then only we can think of upside above 10987 otherwise Nifty may fall towards 10600.

It seems an impulse is completed from 10535 to 10923 which could be wave (A or 1) and wave 10923-10629 can be (B or 2) and now 100% and 123% projection of (C or 3) is coming at 11017 and 11109 respectively.

Wave started from 10535 is completed at 10923 as an impulse and now retracement levels are given on charts and from that levels we may see bounce back as wave (C or 3).