Nifty Elliott Wave Analysis

-

 Nifty daily chart


Nifty 2 hour chart anticipated on 3rd April 2023


Nifty 2 hour chart happened on 6th April 2023


In my previous update I had mentioned that, "Nifty is positively poised and can move higher towards the level of 17550-17600 levels over short term."

The index moved higher towards my price range of 17550-17600 levels by marking a high above 17600 up by 1.50% in the previous week - Anticipated Happened.

To view my previous update, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/04/nifty-elliott-wave-counts.html

As seen in the above daily chart, the index has arrived near to its resistance of the falling channel. Now if Nifty wants to move higher it is important for the index to give a decisive break above 17750 levels, thereby giving a bullish break in the falling channel formation.

From 2 hour chart, Nifty is closing in to the resistance and ROC over short time frame is exhibiting negative divergence. However, price confirmation is yet to confirm a reversal. There are high chances that on Monday, the index will open with gap up and go close to 17750 levels, closing above this level will further open positive possibilities.

As per Wave theory, prices have completed (a-b-c), now two probabilities will open from here

Scenario 1: Prices are moving down in a double correction (a-b-c-x-a-b-c) where the ongoing leg is wave x and then again wave a lower will resume the major trend.

Scenario 2: Prices have completed (a-b-c) and new leg on the upside will start once 17750 is taken out.

The summation is Nifty is positively poised but any move above 17750 will open further positive possibilities which can push prices higher towards 17900 levels.

Join my Telegram Channel : https://t.me/elliottician1

Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  htt
Read more

GOLD and Elliott Wave Counts

-
Image
 Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate
Read more