Nifty Elliott and Neo Wave Analysis

 Nifty daily chart

Nifty hourly chart

From the above daily chart, Nifty is moving in a falling channel and has reversed on the last day of the week slumping over 1.7%, down by 263 points. This is very evident as it has reversed from the resistance of the falling channel. As per candle stick pattern, it formed an evening star, which is a bearish reversal pattern. Daily RSI has closed below the center line which is a negative sign.

In hourly chart, prices are moving in a lower highs and lower lows formation which indicates that the trend is negative. Also after reversing from 15000 levels, it will now act as a crucial resistance. It is likely that prices will plunge near to the support of the channel which needs to break its previous low of 14150 levels.

From Waves perspective, the index is moving in a double correction where after wave x it has formed wave a at 14250 followed by wave b at 15085 and now it will start the last leg which is wave c of double correction which can falter till 14100-14050 levels. I have shown an important pattern which is Extracting triangle (a-b-c-d-e) in wave (b) of wave b, this pattern comes in Neo Wave Analysis.

The summation is Nifty is all poised to plunge from current levels till 14100-14050 levels over short term. The immediate resistance will be placed at 14865 (closing basis).


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