Nifty: Elliott Wave Analysis

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 Nifty hourly chart


As shown in the above hourly chart, prices are moving in a lower highs and lower lows and are moving precisely in a falling channel. It is imperative for prices to break the falling channel to open positive possibilities. It has broken the small falling channel and is sustaining above it, which opens that the index might reach towards its next resistance.

By applying Wave theory, prices have completed first correction (a-b-c). This opens the possibility that it will either open wave x which will terminate near 17600-17700 and then tumble thus opening double correction. The second possibility is that it will eventually convert into flat pattern which can move till 18200-18500 (minimum).

The summation is Nifty is expected to move higher from here which can find resistance near till 18200-18500 levels over short term with support placed at 17230 levels.

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