Nifty Elliott Wave

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 Nifty daily chart


Nifty 2 hour chart


Analysis

In my previous update I had mentioned, "Nifty is likely to test the level of 17800-17900 price range over short term and then reverses from the resistance levels lower which I will update once I get confirmation."

Nifty made a high of 17799 levels which was close to my mentioned level of 17800-17900 levels - Anticipated Happened

To read my previous update on Nifty, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/03/nifty-elliott-wave.html

From daily chart, the index faced the resistance of the falling channel and has started moving south. I had mentioned that it will eventually come down but will update once I get the confirmation. After giving the bearish crossover by the moving averages, prices are flirting with it but then it cannot sustain above it thereby shedding all the gains. Prices are negatively poised and are subject to falter going ahead. ADX has started picking up indicating that the negative trend is strengthening.

A bearish engulfing is formed near to the resistance in the weekly chart (candlestick pattern).

As seen in the 2 hour chart, the index is trading below both the short term moving averages thereby opening negative possibilities. From quite some time I was mentioning that the index can plunge towards 17000-16800 levels and I think that the medium term target are likely to achieve soon.

As per Wave theory, there are two scenarios which I want to open

Scenario 1: Prices are moving in leading diagonal where it has completed wave 1 and possibly moving in wave 2 and has or started wave 3 lower.

Scenario 2: The index is moving in a corrective structure and has completed wave A and wave B and it is moving in wave 3 of wave c where in wave 2 was just completed at 17799 levels recently.

The summation is Nifty is expected to tumble now in the range of 17000-16800 over short term with the strong negative bias. 

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