Nifty: Elliott Wave Forecast

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Nifty 60 mins chart


Nifty crossed 12000 mark, but could not sustain above it as a result selling intensified which dragged prices lower below 11900 levels. Earlier it was moving in a rising channel, now it has broken its previous support and started moving in a small falling channel.

From Wave perspective, prices are moving in a corrective mode down after probably completing wave iii/c up at near to 161.8% of wave ii/b. The near support for the benchmark will be at 11700 which was earlier acting as a resistance, now will act as a support (polarity reversal). 

Nifty is poised to tumble in near term with crucial support at 11700. View my Nifty article which was written on 3rd November 2019. Here is the link...I had mentioned that Nifty will reverse soon. Check it out.

https://www.marketanalysiswithmeghmody.com/2019/11/nifty-whats-next.html

Learn Technical Analysis to understand price movement, how to identify support and resistance, retracement, patterns, gaps, different types to chart and how to interpret, moving averages, Candlesticks, Bar charts etc in my 3+ month course. The fees will be INR 15000/- or 211 USD $. You can avail discount of 10% for first 5 seats. For registration call +919324174580

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Comments

Phani Kumar said…

This Information is really good and informative. Thanks for it.
Shilpa Medicare
8 October 2020 at 16:13
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