Finnifty wave ii still in motion?

-

 Finnifty daily chart


Finnifty 2 hour chart


Analysis

From the above daily chart, prices are moving in big range of 19600 on the higher side and on the lower side 17200. As prices are near to the resistance of the range there are high chances that the index can reverse and prices can start moving down over medium term. Over short term there are high chances that the index will consolidate near to the resistance for some time.

As seen in the 2 hour chart, the index is moving in a range of 19000 -19600 price range and can move higher from current levels to test the upper extreme. Also the index option analysis suggests that highest OI is built up at 19500 levels and on the downside 19300-19200 levels. So prices can move higher from here to test 19500-19600 levels and then falter for the next expiry and week.

As per Wave theory, the index is moving in wave ii. After completing wave i at 19210, prices moved up where the subdivisions of the wave was expanded and currently prices are moving up in wave c which is the last leg of wave ii where it can go higher till 19500-19600 levels and complete wave ii. Thereby it will open wave iii where it can falter towards 100% to 161.8% which comes to 19000 or 18750 levels.

The summation is Finnifty is negatively poised but can first make an attempt to test 19500-19600 levels and then reverse the trend from there and test 19000 followed by 18750 levels.

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

Join My Twitter handle : https://twitter.com/meghmody?s=11&t=LtKvFYlMyQs71k-udwEPgQ

Comments

Post a Comment

Popular posts from this blog

USDINR: Will it cross 83.00?

-
Image
 USDINR daily chart anticipated on May 6th 2023 USDINR daily chart happened on May 19th 2023 Analysis In my previous update I had mentioned for USDINR, " USDINR is expected to open positive possibilities once the level of 82.15 is taken out on the upside which can propel price towards 83.00 over short term and then any move above 83.00 will surge it towards 84.50-85.00 levels. However, any break below 81.40-81.00 levels will negate the upside view." There were cluster of supports near 81.40-81.00 levels and from there the pair has reversed thereby breaking 82.15 levels and made a high close to 83.00 levels - Anticipated Happened To view my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/usdinr-at-multiple-supports-and-elliott.html As seen in the above daily chart, the pair has arrived near cluster of resistances which is also the consolidation zone formed from past 6-7 months. If prices move above this level whi
Read more

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