Nifty Anticipated Happened and Elliott Wave Analysis

 Nifty hourly chart anticipated on 13th March 2021

Nifty hourly chart happened on 19th March 2021


On my previous update mentioned on 13th March 2021, I had mentioned for Nifty, "Nifty is all poised to move down once the level of 14900 is broken which can drag prices till 14400-14300 price zone."

Nifty after breaking 14900 stumbled till 14350 levels which was marked on 19th March and was also the mentioned level falling in the price zone of 14400-14350 levels. Anticipated Happened

For reading the previous article on Nifty, click on the link

https://www.marketanalysiswithmeghmody.com/2021/03/nifty-elliott-wave-analysis.html

Nifty is now moving in a falling channel and it has shown signs of reversal from the support of the channel and also the falling trend line which was acting as a cruical resistance is broken which opens positive possibilities. This states that the index can move higher from current levels near till 15100-15200 levels where the resistance of the channel is placed.

From wave perspective Nifty has completed the first correction (a-b-c) in a flat pattern. Now either it will surpass the cluster of resistances or will form wave x. In both the cases, Nifty is set to move higher from current levels.

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