Nifty Elliott Wave Analysis

Nifty hourly chart

As shown in hourly chart, Nifty continues to move in a higher highs and higher lows formation and it is trading above the rising trend line which is a positive sign. In last one week it has bounced from the trend line support and it is consolidating, this indicates a possibility for prices to run north, once the consolidation is complete. Hourly RSI has also relieved from the overbought region and is now set to move higher.

As per Wave theory, prices have completed wave c at 100% from wave a to wave b, the correction then onwards can be plotted as either wave x or wave a of wave x. The fall from 11342 to 10884 is a three wave structure and so if the up move is wave b of wave x then it can travel till 80-100% of wave a of wave x.  The index has already retraced 78.6% of wave a of wave x and so I believe it can go till 100% of wave a which is at 11342 levels. If it sustains above it then the first correction where I have marked wave x/a will be wave x and second correction will start higher (a-b-c-x-a-b-c).

The summation is prices are set to soar till 11342 levels with a support of 11120, a sustainable move above it will open further positive possibilities.


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