Nifty Elliott Wave forecast

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Nifty Daily chart

Nifty hourly chart



In my previous report, my stop loss got hit which was 8130, as the index closed at 8080 levels on Friday. This means the downside which I thought is over has still some room left. Let us understand the analysis of it.

In the above daily chart, the index closed at the low of the day on Friday and also broke its previous day low which was on Wednesday. This indicates that prices are not at all positively poised but can go down further from current juncture. Daily MACD has given a buy signal which needs to be accounted in coming weeks.

From hourly analysis, prices have already retraced 61.8% of its previous upmove, this opens a reversal from current levels but not necessarily as prices can dive further till 80%-100% of the previous rise. The MACD is showing a sell signal in hourly chart.

As per wave theory, wave b which is ongoing can form a flat pattern or a triangle pattern which will be monitored as and when wave unfolds. This is because wave a looks to be impulse and so it will be imperative how wave b will behave. As of now 80%-100% is what I am expecting which can drag prices till 7800-7750 levels as far as 8360 is intact at higher side.

The summation is, Nifty is expected to falter which can lead it near till 7800-7750 levels over short term. The immediate resistance is placed at 8360 which can act as a stop loss level.



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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
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