Nifty and the road ahead with Elliott Wave

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 Nifty daily chart


As per the above chart, prices are moving in a lower highs and lower lows and it is precisely moving in a falling channel. The index is negatively poised on the back of various reasons, one of them is the rate hike by US FED. 

Wave theory suggests that the index is suppose to falter below its recent low of 15730 and can reach towards 15450-15350 levels over short term. I earlier thought that wave a is corrective but it can also be impulse and that is why I believe that wave v of wave a can reach towards the support of the falling channel.

The summation is Nifty can falter towards 15450-15350 range over short to medium term.

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