Nifty Elliott Wave Analysis

 Nifty daily chart

Nifty hourly chart

In the above daily chart, the index has moved in a positive direction by forming a higher highs and higher lows. Also by applying Keltner channels, it is very clear that prices has given close above the upper Keltner band on Thursday and closed above its previous high on the last day of week which gives a positive break in price action. RSI has relieved from the overbought zone and it is all set to move back in.

In the hourly chart, prices are moving in a rising channel formation where recently it bounced from the lower end of the channel and can move higher to test the resistance. It is imperative for prices to cross13780 levels where there is small hindrance, thus infusing further buying. RSI has still room to go in the overbought zone.

From Waves perspective, prices are moving in wave c where wave iii is extended in which wave v is ongoing and can till 14000 levels which is 61.8% from wave (iii) to wave (iv).

The summation is Nifty needs to move above 13780 levels which will accelerate further buying soaring it will 14000 levels.

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 Borivli Station. For inquiry and registration call +919324174580.


Popular posts from this blog

USDINR: Will it cross 83.00?

Nifty in Ending Diagonal Pattern?

GOLD and Elliott Wave Counts