Nifty- Marked elliot waves in the form of 5+4+4 in white as it is difficult to ascertain which wave is actually extending. It seems though that we have just completed 4 of Larger 3 marked in Green. Keeping the bearish argument that Larger degree 5 is done at 9th wave, we cam still go lower. A Move above 14877 or below 14260 would confirm the near-term direction of the market. MPC meeting tomorrow should send the market higher and confirm the view that we are extending from 9 waves to 13 waves in total, If yes, by the time we'll complete 13 Nifty maybe around 18-19000. 20 week Moving average has worked as strong support over the last few months and Nifty has failed to breach it again.
