Nifty: Elliott Wave Forecast
Nifty Daily chart Nifty hourly chart In my previous update dated 4 th May 2020, I had mentioned that, “ Only a move below 9260 can stumble this index till 9100 for short term. For medium term the bias is firmly negative which can drag it till 8030-7900 levels.”- Anticipated Happened. Here is the link of my previous article: https://www.marketanalysiswithmeghmody.com/2020/04/nifty-elliott-wave-analysis.html In the above daily chart of Nifty, the index is now moving in a negative direction, currently it is in a counter trend, once it is completed it will continue to falter. It is difficult to move above 9500 which is 61.8% retracement of the previous downfall of 9889-9116. From hourly analysis, a bearish island reversal is seen (circle) which opens negative possibilities, prices after a steep fall from the top of wedge pattern is now witnessing s sideways action, the capping to this pattern is at 9400-9500 levels. Stochastic is moving out of the overbought