Nifty: Elliott Wave Forecast


In the hourly chart, Nifty is moving in a lower highs and lower lows formation is moving precisely in a falling channel. Last Friday is closed below the channel support and it is likely that it will re-enter this channel in next week. 

From wave perspective, there are two possibilities in the above chart, one is prices will continue to move in a triple correction pattern (a-b-c-x-a-b-c-x-a-b-c). As of now it has only completed double correction (a-b-c-x-a-b-c). However, any move above 11550 will indicate that prices have completed double correction and have started wave iii/c higher.

The summation of the above chart is, Nifty will find support near 11050-11100 levels, a bounce can soar price till .... A decisive move above ... will open further positive possibilities, if failed to cross, sideways action can be seen in a range of ..... levels. 

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