Nifty Elliott Wave Forecast

Nifty daily chart
Nifty hourly chart

In the above daily chart, the index is trading near to 9100 levels but it failed to cross its previous day high on Friday. Most importantly it is approaching near to the resistance which is at around 9230 levels. Any decisive move above this level will continue the uptrend and failure to do so will drag prices lower.

From hourly analysis, prices are trading near the neckline of inverse head and shoulder pattern. It is imperative for the index to break this neckline for further bullish possibilities. The neckline is placed at 9230 levels. Also the Fibonacci extension states that, prices have approached till 78.2% of the previous up move.

As per wave theory, it seems that wave (c) of wave a is on the brink to complete which will open wave b of one higher degree lower, dragging it near till 8600 or even lower.

The summation is, Nifty is approaching near to its crucial resistance of 9230 levels, only a move above this level will infuse further buying pressure, failure to do so will reverse the index dragging it till 8600.

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