Nifty Elliott Wave analysis

Nifty daily chart

 Nifty hourly hart

From the above daily chart, the index is moving in a sideways to negative direction and has started making lower highs and lower lows. This is an indication that the short term trend has now turned negative. The index has a crucial support at 14100-14000 levels where the rising trend line is placed. It is likely that there will be resilience from current levels which can push the index near to its previous high. Daily RSI has still not broken its previous low.

In hourly chart, prices are moving in a falling channel, it has found support near to the lower trend line of the channel and has bounced from there several times. On last Friday, the index opened with a gap up and continues to soar. RSI has a support at 30 and it shows that it is now moving higher.

From Waves perspective, the Nifty is moving in double correction where after completing (a-b-c) in flat pattern, it is now forming wave x which is also a flat pattern and in which wave c is pending which can surge till 14800-15000 price range.

The summation is Nifty has a strong support at 14100-14000 levels, as far as it is intact prices are likely to soar till 14800-15000 price range in short term.

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 Elliott Wave forecast

Tata Steel Elliott Wave Analysis

Aluminium: Expanding and Contracting Diametric pattern.