Nifty Elliott Wave Analysis

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Nifty daily chart



Nifty hourly chart

In the above daily chart, Nifty is moving in a higher highs and higher lows and it is moving precisely in a small rising channel. At present it is consolidating near the resistance of the channel, finding it difficult to move up which opens high possibility for prices to correct from current levels. Also daily RSI is all set to relieve from overbought zone.

In the hourly chart, it is very evident that prices are still in uptrend, to change the trend it is imperative for the index to break the level of 12800 which will complete bearish head and shoulder pattern, thus making the index weak, also RSI is exhibiting negative divergence indicating halt in positive trend.

From Waves perspective, the index is probably moving in an extracting triangle at the top (a-b-c-d-e), where wave y and wave y at one higher degree will complete.

The summation is Nifty will only be in bear grip once the level of 12800 is broken decisively thus tumbling the index till 12450 levels.


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