Nifty Elliott Wave Analysis

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 Nifty daily chart


Nifty 2 hour chart


Analysis

From daily chart, the level of 18200 will act as a crucial support for the index, only a breach of this level will infuse selling pressure. Nifty is positively poised and can reach near till 18600 levels which I am saying from past three weeks now. The momentum has become slow which is a cause of concern as of now. ADX has started picking up strength which is a positive sign.

In 2 hour chart, prices are moving in a 45 degree angle which opens the possibility of a rising wedge pattern. This pattern I was expecting last week also indicating that distribution has started and can move slowly move near to the all-time high of 18600 levels. RSI has started exhibiting negative divergence.

As per Wave theory, Wave C is still ongoing and has opened wave v of wave c which looks to be in an ending diagonal.

The summation is Nifty continues to move in a positive direction with support at 18200 and on the upside 18550-18600 will be the resistance. It is advisable to be cautiously positive for the index.


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