Nifty Elliott Wave Update

MARKET UPDATE: 10 JAN 2021

NIFTY
TIME	TREND	UP LEVEL	DOWN LEVEL
Medium term trend	Up	14728	13131

Explanatory Note: Wave 5 of 5 is in formation.

Nifty completed 2 weeks of advance as a minimum and 4 weeks is what I have considered based on wave 1 of 5. Now we are still heading toward the top end of the channel that has moved higher toward 14728. RSI at 79 may appear high but can continue into the 80s. 

Bank nifty is still moving towards first the upper Bollinger band at 33784, then above that near the point where v=i=35300. And I have now drawn a parallel channel of the last two lows that goes to 36600. Lets see how far wave v of 3 can take us in the next 2 weeks.