Nifty Elliott Wave Analysis

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 Nifty hourly chart

In the hourly chart, the index continues to move in a highs and higher lows and it is above the rising trend line indicating that the trend is firmly positive. On the last day of the previous week, the index witnessed profit booking which dragged prices below 14500 and it closed at 14433. As far as there is no steep correction coming at the higher levels, I will firmly say that Nifty is in bull trend and will test the level of 14900-15000 levels over short to medium term. RSI has also relieved from overbought territory and can is now near to the oversold terrain.

From Waves perspective, prices are moving in wave iii, which happens to be extended. Here it is either moving in wave v of wave iii or it is over which will start wave iv down. Wave iv can move till 14100 levels which will be the support of the trend line. If wave iii is still ongoing it will reverse from current levels.

The summation is Nifty has a support at 14100 and can move back up till 14900-15000 levels over short to medium term.


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