Nifty Elliott Wave Analysis

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 Nifty daily chart


Nifty 2 hour chart

Analysis

In my previous update I had mentioned that, " Nifty has still room to move higher and can test 18900-19100 price range going ahead. Also one needs to be cautious on the buying side as the index is arriving near to its previous swing high of 18886 levels."

Nifty made a new high 18885.70 levels and I had also said that to be cautious as it will arrive to its previous swing high - Anticipated Happened.

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


As seen in the above daily chart, the index faced the resistance of its previous high which was placed at 18886 levels and witnessed selling pressure on the last trading day of the previous week. Also RSI which was exhibiting negative divergence was not able to pull prices lower, instead the price was moving in the north direction. However, prices have now formed a expanding diagonal off lately which looks to be the final leg for the index as correction is now set.

In 2 hour chart, prices which were moving above the rising red trend line is now broken, thereby opening negative possibilities. Also the index is below both the moving averages on shorter time frame which is a negative sign.

From Waves perspective, prices which was moving in wave v which was extended has formed an expanding diagonal in wave v of wave v of wave c of wave B. This means that wave B can complete anytime soon and wave C on the lower side is due.

The summation is Nifty can plunge towards 18200 levels going ahead which can be start of reversal. However, any move above 18900 will indicate that uptrend is still intact.






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