Nifty Elliott Wave Analyis (Time Analysis with Price)

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 Nifty Daily chart

Nifty hourly chart

In the daily chart, prices still continue to move in a higher highs and higher lows, but what is more worrying is the candles which are now becoming smaller and smaller indicating lack of positive momentum. In my previous article I had mentioned that Nifty can go till 11600 but it will negate, though it made a high of 11460 but now there are more signs of reversal occurring on the chart. The first and foremost is a negative divergence exhibiting on RSI where prices are making new high but RSI is not.

 Fibonacci Time zone which I have applied on daily chart (vertical lines) indicate that there is a high possibility of reversal, as and when index encloses to that time zone it has shown a reversal or a continuation in price action.

As shown in hourly chart, the benchmark is still above the rising trend line, it is advisable to short the index once price trade below this trend line which is below 11220 levels. Once this level is breached, prices will discontinue higher highs and higher lows which will change the trend from positive to negative. Also there is a high possibility for prices to remain in a range in coming week but a correction will not be ignored.

As per Wave theory, after completing second correction which is wave a-b-c after wave x, prices are possibly moving in a flat pattern which can be converted in irregular flat pattern as well. A three wave structure is seen in this pattern where it has completed wave a and currently moving in wave b which can test its previous high of 11460 and then wave c lower.

The summation is Nifty can re-test 11460 levels with a capping at 11520, on the downside it can move near till 11200. The benchmark is in transition phase so it is better to remain cautiously positive in the index.

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Comments

Phani Kumar said…
This Information is really good and informative. Thanks for it.
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18 October 2020 at 14:03
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