Nifty Elliott Wave Update

MARKET UPDATE: 17 JAN 2021

NIFTY
TIME	TREND	UP LEVEL	DOWN LEVEL
Medium term trend	Up	14900	13131

Explanatory Note: Wave 5 of 5 is in formation.

3 weeks up done on weekly charts. The candle looks like a negative doji, where the open and close are almost the same but the close is lower than the open. Wave 1 was 4 weeks long so that gives us one more week for this wave count to conclude. The top end of the rising channel now rises to 14900. 

Bank nifty is in wave v of 3, and v=i in time is 4 weeks too so one more week to go, Price wise equality is at 35300. The upper Bollinger band is at 34519. A doji formed. Let us see if it results in a extension or a failure. A move above the high of the doji at 32718 propels the index into an extension and toward 35000 or higher. A failure to cross it below 31725 would be a failure