The following chart is a perfect example of trend behaviour in each of the five waves. It is important to notice the position of the various trends, i.e. major, intermediate and minor trend as they emerge during the five Elliott waves.
The bullish alignment of the three trends is a clear indication of the third wave in progress. During this period, the sub trend continue to oscillate above the main trend, and a fall below it indicating the beginning of the fourth wave. Again, during wave five, the trend remain subdued, as the sub trend fails to rise above the main trend, thereby indicating progression of wave five and a reversal thereafter.
In the following hourly chart, CNX Nifty seems to have completed the fifth wave which would be followed by a three wave (A-B-C) retracement.
