Nifty Anticipated Happened and Elliott Wave Analysis

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 Nifty 2 hour chart 


Analysis

In my previous update dated 5th Dec I had mentioned, “Nifty possibly can reverse from current levels and test the support of 18450-18400 levels over short term. The resistance will be placed at 18900 (closing basis).”

The index made a low of 18410 which was marked on the last day of the week, thereby achieving my level – Anticipated Happened

To read my previous article on Nifty, click on the below link

https://www.marketanalysiswithmeghmody.com/2022/12/nifty-and-elliott-wave-analysis.html

From daily chart, the index continues to be above both the moving averages and it indicates that the trend is still positive. Any move above 18600 will open further positive possibilities and can push prices above the previous high. However, a move below 18400 can drag prices near to 18200 followed by 18050 levels. MACD continues to give a sell signal with negative divergence.

In 2 hour chart, Nifty has broken the trend line support (red) and it is below both the moving averages also there is a bearish crossover which has happened after two months indicating that the trend is bearish. However, RSI has bounced from the oversold terrain just to relieve from it.

As per Wave theory,  after completing wave v, prices have opened either impulse or correction in both the cases wave iii/c is pending on the downside which can go till 18200 followed by 18050 levels.

The summation is Nifty can further slip towards 18200 followed by 18050 levels. The downside levels will be negated if prices move above 18600 (closing basis).


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