Nifty Anticipated Happened and Elliott Wave Forecast

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 Nifty hourly chart anticipated 9th August 2020

Nifty hourly chart happened on 11th August 2020

In my previous update dated 10th August 2020, I had mentioned for the benchmark, “The summation is prices are set to soar till 11342 levels with a support of 11120, a sustainable move above it will open further positive possibilities.”- Anticipated Happened.

Here is the link click on it

https://www.marketanalysiswithmeghmody.com/2020/08/nifty-elliott-wave-analysis.html

On 11th August, prices surpassed its previous high of 11342 and made a new high of 11377, thereby achieving my target. I had also mentioned that, if it sustains above 11342 then it will continue to be in uptrend. However, on the last trading week there was a considerable correction which dragged the index till 11116 and closed at 11178 levels.

As shown in hourly chart, the benchmark is at crucial support of the rising trend line, on Friday it broke the support but closed well above it, thereby respecting it. RSI on hourly chart has arrived near the oversold terrain and can start moving higher from current juncture.

As per Wave theory, prices as of now have retraced in a three wave structure and so I have marked wave b lower of the second correction or wave b of wave a of second correction. This can be altered once the clear wave structure is identified. This opens the possibility of wave c higher which can go till 100% of wave a to wave b of second correction or wave counts after wave x. For wave c to become successful, it is important that 11110 is not broken.

The summation is Nifty is all set to surge till 11600-11625 in coming weeks only and only the level of 11110 is intact on the downside. If it breaks then the entire structure will be changed and a top will be in place.

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Comments

Phani Kumar said…
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20 October 2020 at 16:34
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