Nifty Anticipated Happened and Elliott Wave Analysis

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 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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