Is this a start of impulse wave 5 of 5 which may take Nifty to 17000?
From the interview of Rakesh Jhunjunwala on CNBC TV 18, I totally agree with this point:
Rakesh Jhunjhunwala in an interview said to CNBC TV18 that "A NEW BULL MARKET? - Typically before a new bull market begins, it shakes out everyone in a severe way, this has played out now - I remain an eternal bull, hoping this is the beginning of a long new bull market."
I have posted the following point in my previous Elliott Wave Predictionpost on 28/05/2020.
Low posted on 24/03/2020 - 7511 is.end of 4 of 5.
A new impulse wave (bull market wave) is started.
High posted on 30/04/2020 - 9889 is the end of 1 of 5 of 5.
Low posted on 18/05/2020 - 8806 is the end of 2 of 5 of 5.
Now from low of 8806 wave 3 of 5 of 5 has started and as wave 3 is never short, it will give amplitude more than that of wave 1 which is 2378. So the target of the end of 3 of 5 of 5 maybe 11185.
If this bull run is confirmed then the end of 5 of 5 for Nifty maybe around 16688 and if wave 5 is extended then it may be more than 17689.
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