Nifty: Anticipated Happened and Elliott Wave Analysis

 Nifty 60 mins chart anticipated on 4th April 2022


Nifty 60 mins chart happened on 19th April 2022


In my previous update on Nifty dated 4th April 2022. I had mentioned that, "Nifty is set to reverse only a move below 17700 is broken which will infuse selling pressure dragging it towards 17000 over short term. However, move above 18160 will continue positivity."

Nifty broken the small rising channel and also broke the crucial level of 17700 levels dragging it till 16830 levels - Anticipated Happened.

To view my previous article on Nifty, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2022/04/nifty-anticipated-happened-and-road.html

As per Wave analysis, prices are moving in a double correction where after completing wave x at 18090 levels, prices have opened wave a of second correction which can sink its previous low or can come close to its previous low level.

However, I think the first correction of wave a is over where I have marked wave a? and now wave b? on the higher side will not be ruled out. This wave b? can move back till 17200-17400 levels which will complete wave b and wave c on the downside will start.

On the downside, prices are expected to reach till 16200-16000 levels over short to medium term which will complete wave c? of wave a?

The summation is Nifty can bounce from current levels near till 17200-17400 levels and then it will move back down towards 16200-16000 levels over short to medium term.

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