Nifty Weekly Elliott Wave Analysis

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Nifty Weekly chart


Nifty is moving up steeply opening up the possibility of a 'V' shape recovery or a next bull run. Many traders and investors are sure about a new high coming soon. However, by combining traditional technical analysis with advance technicals, my view for the index is presented below.

I have taken weekly chart to explain my analysis, as last time I had explained it on daily chart where I was sure that it will not cross 11050, but it did.

In the above weekly chart, prices are moving in a higher highs and higher lows which is a positive sign but on expiry day (July series), the index made a high of 11300 and reversed, closing at 11100. Now doubt, prices are trading above the rising trend line which is a positive sign and shows that the trend is intact, but it is facing the resistance of the ending diagonal or rising wedge pattern. This means the index is hovering at the lower trend line of the pattern, which is seen in the chart.

With the help of Fibonacci retracement Nifty is facing resistance of  78.6% from the all time high to the recent low of 7500 which is also visible in the chart. also the recent upmove from 7500 to 11300 marks to 100% of wave a to wave c of wave b.

Understanding Wave theory is complex ut I have made efforts to explain you from the above chart. My manual plotting after the Budget was announced and the start of pandemic made me mark wave a at 7500, after that a three wave structure is clearly seen which is wave b and now wave c or wave x is forthcoming This indicates a plausible correction to come as prices are not able to cross cluster of resistances, which can drag prices lower in Aug series.

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