Nifty Elliott Wave Analysis

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 Nifty daily chart

Nifty hourly chart


From the daily chart, the index continues to move in a higher highs and higher lows and there is no change of trend. However, there are instances where prices halt and move down towards the support. On Friday, prices opened with a gap up, but could not sustain which made a red candle, thus failing to cross its previous high. This clearly indicates that correction is due. Daily RSI has exhibited negative divergence which is an indication of a halt in positive momentum.

As shown in hourly chart, prices are moving in a rising wedge pattern and have given a bearish break, which is a negative sign. Any move below 14900 will slump the index till 14400 levels over short term. The pattern target comes to 14300 levels. So I think Nifty is all poised to move down in between 14400-14300 levels.

As per Wave theory, the index after completing wave v at 15435 levels have started moving in corrective wave, where it completed wave a and wave b higher. This opens wave c lower which can move down below wave a end.

The summation is Nifty is all poised to move down once the level of 14900 is broken which can drag prices till 14400-14300 price zone.


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