Nifty Media: Elliott Wave Impulse

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 Nifty Media daily chart


The index has formed a tremendous foundation at the bottom and from there it started forming higher highs and higher lows which is a positive sign. At present it is precisely moving in a rising channel and has bounced from the channel support.

At the lower end of the chart, a bullish reversal pattern is completed. This pattern is bullish cup and handle pattern. The target of the pattern comes to 2900 levels. 

From Waves perspective, prices are moving in an impulse fashion where recently it has completed wave iv just on the neckline where it was previously facing the resistance earlier. Now it is moving higher in form of wave v, this wave can exhaust at 2600 mark which is 61.8% from wave i to wave iv or can extend till 100% of wave i = wave iii = wave v which is placed at 2900-3000 levels.

The summation is Nifty Media index is positively poised and can move in a positive direction till 2600, a sustainable move above 2600 will open further positive possibilities of 2900-3000 levels over medium term.

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