Nifty Elliott Wave Update

MARKET UPDATE: 14 FEB 2021

NIFTY
TIME	TREND	UP LEVEL	DOWN LEVEL
Medium term trend	Up	15460-15600	14230

Explanatory Note: Wave 3 of 3 or 5 of 1 which one is it? My heart says 3 of 3

If the 5 wave count is right then we are close to ending something and should pullback, else wave 3 of 3 started and the rally should last for a few months before it's over. A move below 14960 could mean a steeper pullback in Nifty back to the 20dma at 14585. Wave 1 of 5 was 2 weeks in nifty so two weeks are done now and if we continue higher above 15257 then presume that wave 3 of 3 is going on. Wave 1 of 3 was 3 months long and Feb is the first month so wave 3 of 3 can go on higher till the end of April into the Ides of May. The weekly momentum crossed over to the buy-side joining the bank nifty that did so last week itself. The upper band and channel line at 15460 and 15600 respectively are the top end of the rising range as of now.

Bank nifty has its weekly RSI at 76 higher than where it was in Jan so there is no negative divergence yet. Wave ii of 5 is going on and wave iii of 5 up is next. Once that starts we could go past the top end of the channel at 38600. 5=1 is at 44300.