CNX Nifty Index : Time Frame Bi-Monthly

"The most important single concept about the Elliott Oscillator is that the highest/lowest point of the Oscillator is connected to the bullish/bearish Wave 3 of the swing.  Related concepts are that Wave 4 crosses the zero line in the opposite direction of the trend. Wave 5 often makes a new high or low price for the swing but always diverges from the Oscillator. If the suspected Wave 5 makes a new extreme price simultaneously with a new Oscillator extreme then it is not a Wave 5."

"The Elliott Oscillator is most effective when the chart has the "correct" number of bars. From 100 to 150 bars is the correct number of bars to use with the oscillator. Dr. Bill Williams suggests 100-140. Tom Joseph implies that 150 is right. We like to use about 120 bars, which is comfortably in the middle of that range, and which has consistently produced reliable results."

Nifty Index is being compiled since 02/07/1990 ; as such, a Time Frame of Bi-Monthly (Open, High, Low & Close over a period of two months for the Index) cover the full range of the Index since inception.  Full range Chart in 148 candles is shown herein.

MACD (5,34,5) is not available for the first 39 candles due to default Data requirement. As such, using a zoomed view over last 100 candles fulfilling the minimum requirement :

Presently, Nifty is in Wave 5 of the bigger degree IMHO. Let us see if it is correctly label in next few months.

112 Candles  Chart cover additional two years of trades. Rest as in other Charts.