Nifty Weekly Analysis on 3rd September 2019

Nifty Daily Chart

From the above chart, Nifty has given a bullish break in a falling blue channel, giving a positive indication. After giving a positive break, last week it sustained and closed above the channel. At present it is facing resistance of 11045, which once crossed can see further buying taking index much higher.

My wave counts from current fall to recent high is shown in the above chart. I have shown two wave counts 

1. a-b-c 

2 a-b-c-x-a-b-c

Both of the above counts suggests that one higher degree fall is over and a breather or a reversal is due which Nifty has already given. It is difficult to come to a conclusion that last week move is a reversal or a relief rally. The recent up move is so marked as (a-b-c) as of now. In this pattern wave b has retraced 61.8% of wave a and will open wave c higher which can take price till 11180-11200 which is 61.8% of wave a to wave b (Projection).

So if everything is correct Nifty will move higher to achieve the level of 11180 to 11200 in near term with support at 10950 levels.