Nifty Elliott wave count and daily analysis!!!

Above chart shows the Elliott wave count of the nifty which currently have completed the ABC count.
Wave A was a ZigZag pattern, Wave B was a contracting Triangle and Wave C was divided into 5 subwave.
Now since the ABC pattern was completed the market started the Upside movement from the lower level of 4770.
Resistance at the level of 5200 and 5300 can be seen as per Fibonacci level.
Looking at ROC indicator which have crossed the downside indicating the Downside movement to be expected.
Closing above 5180-5200 which turn the trend positive for the market.

  

 The hourly chart show a range bound movement and break out of either side of the level will indicate the trend.
Support can be seen at 5090 and resistance at 5150.
Tomorrow opening above 5150 will give a positive movement and below 5150 will indicating weakness in the market.