Nifty: Elliott Wave forecast

-
Nifty Daily chart
Nifty hourly chart


Nifty has witnessed some easing after dynamic fall in last one month. Prices have shown strength at the end of the previous week which is giving some hope to the bulls. However, it will be early to say that it is a reversal. Nifty has reversed from 80% of the previous up move (marked with black horizontal line) which was 7500. From there it moved up and conquered 9000 mark but closed at 8660 levels. There are chances that it will move down from current levels and test 8500-8400 levels but it will not go below 7500. After testing the above level prices are poised to move higher. RSI is relieving from the oversold zone.

From hourly chart, the index had seen overhead supply at 9000 mark which dragged prices way lower after breaking the falling channel. As of now it is moving above the rising trend line as can be seen in the chart. It is possible for it to break this trend line which can be termed as bear trap and then it will surge.

Wave theory suggest that, prices have completed wave a at 9038 and it is on the brink to start wave b lower which can move down till 8500-8400 levels. After that wave c can move up till 9150-9220 levels, which will complete wave a at one higher degree.

The summation is Nifty will test 8500-8400 levels which can be used as a buying opportunity for the level of 9150-9220 levels.

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 hand...
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

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more