Nifty Elliott Wave Analysis

-

 Nifty daily chart


Nifty hourly chart

In my previous update, I had mentioned that, “Nifty is positively poised but a slight correction cannot be ruled out which can retrace till 11500 followed by wave v higher which can cross 11700 and mark 11750-11790 levels. Also if the level of 11450 is broken then an important top is in place.”

Nifty broke the support of 11450 which infused selling pressure breaking all the significant supports and forming an intermediate top at 11800.- Anticipated happened

In the daily chart, the index opened with a gap up on Monday and marked a high of 11800, it was unable to sustain higher and as a result it reversed on the same day. The reversal was so strong that the rising trend line which was acting as a crucial support was broken and closed below it on the last day of the week, thus giving a bearish break. Daily RSI continues to go down after exhibiting negative divergence.

Nifty and Nifty Bank has formed a strong reversal candles in weekly chart, where Nifty formed Bearish Engulfing pattern at the top, Nifty Bank formed Dark Cloud Cover, this opens negative possibilities.

As shown in hourly chart, prices are trading below the rising trend line which will now act as a resistance (polarity reversal). It is now clear that the index will sink further as its previous low of 11356 is broken on the last day of the week. RSI is approaching towards oversold terrain.

As per Wave theory, prices have completed wave a and wave b down and it is now moving in wave c. This wave can move till 11100 which is 100% from wave a to wave b.

The summation is Nifty has given a bearish break and it is all set to plunge till 11100 over short term with resistance at 11530. The bias is firmly negative.

Education

Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the same will be Rs. 12,000/-

Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.

Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.


Comments

Phani Kumar said…
This Information is really good and informative. Thanks for it.
Check below links and get useful information.
GST Rates
14 October 2020 at 15:18
Post a Comment

Popular posts from this blog

USDINR: Will it cross 83.00?

-
Image
 USDINR daily chart anticipated on May 6th 2023 USDINR daily chart happened on May 19th 2023 Analysis In my previous update I had mentioned for USDINR, " USDINR is expected to open positive possibilities once the level of 82.15 is taken out on the upside which can propel price towards 83.00 over short term and then any move above 83.00 will surge it towards 84.50-85.00 levels. However, any break below 81.40-81.00 levels will negate the upside view." There were cluster of supports near 81.40-81.00 levels and from there the pair has reversed thereby breaking 82.15 levels and made a high close to 83.00 levels - Anticipated Happened To view my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/usdinr-at-multiple-supports-and-elliott.html As seen in the above daily chart, the pair has arrived near cluster of resistances which is also the consolidation zone formed from past 6-7 months. If prices move above this level whi
Read more

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  htt
Read more

GOLD and Elliott Wave Counts

-
Image
 Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ
Read more