Nifty Elliott Wave Analysis
Nifty daily chart
Nifty hourly chart
In the daily chart, the index managed to retrace 80% of the previous fall (11800-11186) where it made a high of 11618 and is now showing signs of reversal. From past two trading session, prices are making new low, thus discontinuing daily candle up move, this is first sign of reversal. Also the falling channel resistance is intact which opens negative possibilities.
As shown in hourly chart, on the last day of the week prices were not showing any dynamic move either side, but in the last couple of hours the supports were broken making the index weak. RSI is below the center line making the index weak near the resistance zone.
As per Wave theory, prices have completed wave b in extracting triangle (a-b-c-d-e) as per Neo Wave and started wave c lower on Friday itself. This wave c can plunge prices close to 11200 levels where wave a has ended.
The summation is Nifty is all set to falter near till 11240-11200 levels over short term with immediate resistance placed at 11570(closing basis).
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