Nifty Elliott Wave Analysis

Nifty hourly chart

In my previous week update I had mentioned that, “there can be a push in prices which can soar it near about till 9400-9500 price range, which can be a bull trap. Any reversal from this particular price range will drag prices near till 8900 levels over short term” Prices made a high of 9584 which was just a spike and reversed before that it made a low of 9047.

From hourly analysis, the index is moving in a falling channel (marked with shade portion), it is imperative for prices to break the level of 9040 for further downside to sustain, my previous level of 8900 is still intact as it is likely to test it. After that the next level which the index is expected to achieve will be 8750.

As per wave theory, Nifty has completed wave b of wave b and is now on the brink to start wave c lower which can go till 8900 followed by 8750 levels.

The summation is, only a move below 9040 will infuse selling pressure which can accelerate the downtrend till above mentioned levels which is the support of the falling channel as well.

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