Nifty anticipated happened and Elliott Wave Analysis

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 Nifty daily chart


Nifty hourly chart anticipated on 28th Dec 2020


Nifty hourly chart happened on 31st Dec 2020



In my previous update on Nifty dated 28th Dec 2020, I had mentioned that, “Nifty needs to move above 13780 levels which will accelerate further buying soaring it will 14000 levels”

The index crossed the level of 13780 decisively and cleared all the hurdles soaring till my mentioned level of 14000 on the last expiry of the year- Anticipated Happened.

Click on the link to view the previous article

https://www.marketanalysiswithmeghmody.com/2020/12/nifty-elliott-wave-analysis.html

In the above daily chart, I have observed a repetitive cycle (marked by blue boxes). This observation was done by combining Keltner channels along with percentage increase in price. So every time when price retraces the lower end of the Keltner channels, it then surged by over 20% on an average. This also opens the possibility that the recent fall which tested the lower end of the channel can soar prices till 15000. However, the volumes are drying up which can also lead to some correction followed by resumption of major trend.

In the hourly chart, prices are currently trading sideways to positive with little room for RSI to move up in overbought terrain. Prices can falter which can be utilized as a buying opportunity as there will be surge in price going ahead which can lead it to all time high.

From Waves perspective, prices are moving in wave c where wave iii is over or on the verge to complete. This will open wave iv lower near till 13750-13500 levels over short term.

The summation is Nifty can correct which can drag it till 13750-13500 levels over short term, this will be a buying opportunity as new all time high is anticipated leading it till 15000 mark.


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