Nifty : Time Frame 34 Days Cycle as on 14/09/2016.

Nifty index over  20 years period is best covered in a Chart of symmetric 34 days with proper MACD  (5,34,5) aka Elliot Wave Oscillator ; in this instant it is from 23/08/1996 to 14/09/2016. Chart speaks for itself :

Nifty TF 34 DaysCycle with Macd

With out trying to label waves, I had tried to identify "swing" points in the following table :

Let me recall a few observations ; point # 1 may be considered as "0" of  starting Wavewith lowest STEP SUM comprising  of 119 UP days with 154 DOWN days resulting in minus 35..
Next few days with more UP days than DOWN days resulted in recovery of SS to minus 2  with a "swing" up;
followed by more DOWN days than UP days as a result a "swing" down with SS value of minus 30.
These process continued  from one "swing" to next "swing" ; however, since December 2011
 MACD remained positive continously with values changing only.

Another point may be mentioned is that Macd (in time frame of Bi-Monthly ) had been positive since August 2009  in last 44 candles ; but for a breach over 2 periods,  Macd (in time frame of  34 Days Cycle) had been positive 18 periods, breach & then 33 periods . So we may say on long term basis Nifty still in grip of BULLS.