Nifty: Elliott Wave forecast

-
Nifty Daily chart
Nifty hourly chart


Nifty has witnessed some easing after dynamic fall in last one month. Prices have shown strength at the end of the previous week which is giving some hope to the bulls. However, it will be early to say that it is a reversal. Nifty has reversed from 80% of the previous up move (marked with black horizontal line) which was 7500. From there it moved up and conquered 9000 mark but closed at 8660 levels. There are chances that it will move down from current levels and test 8500-8400 levels but it will not go below 7500. After testing the above level prices are poised to move higher. RSI is relieving from the oversold zone.

From hourly chart, the index had seen overhead supply at 9000 mark which dragged prices way lower after breaking the falling channel. As of now it is moving above the rising trend line as can be seen in the chart. It is possible for it to break this trend line which can be termed as bear trap and then it will surge.

Wave theory suggest that, prices have completed wave a at 9038 and it is on the brink to start wave b lower which can move down till 8500-8400 levels. After that wave c can move up till 9150-9220 levels, which will complete wave a at one higher degree.

The summation is Nifty will test 8500-8400 levels which can be used as a buying opportunity for the level of 9150-9220 levels.

Comments

Post a Comment

Popular posts from this blog

USDINR: Will it cross 83.00?

-
Image
 USDINR daily chart anticipated on May 6th 2023 USDINR daily chart happened on May 19th 2023 Analysis In my previous update I had mentioned for USDINR, " USDINR is expected to open positive possibilities once the level of 82.15 is taken out on the upside which can propel price towards 83.00 over short term and then any move above 83.00 will surge it towards 84.50-85.00 levels. However, any break below 81.40-81.00 levels will negate the upside view." There were cluster of supports near 81.40-81.00 levels and from there the pair has reversed thereby breaking 82.15 levels and made a high close to 83.00 levels - Anticipated Happened To view my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/usdinr-at-multiple-supports-and-elliott.html As seen in the above daily chart, the pair has arrived near cluster of resistances which is also the consolidation zone formed from past 6-7 months. If prices move above this level whi
Read more

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  htt
Read more

GOLD and Elliott Wave Counts

-
Image
 Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ
Read more