Nifty Elliott Wave Analysis

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 Nifty daily chart


Nifty 120 mins chart


Analysis

In my previous update on Nifty dated 15th January 2023, I had mentioned that, "Nifty has one minor leg on the downside towards 17800-17750 which once completed can soar prices towards 18350-18400 levels over short term."

Nifty moved lower towards 17850 levels close to my mentioned level of 17800-17750 and then started moving higher. It made a high of 18188 after that and has come back towards 18000 levels.

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

https://www.marketanalysiswithmeghmody.com/2023/01/nifty-elliott-wave-analysis.html

From the daily chart, Nifty came down towards 17800-17750 levels where it ended its minor leg on the downside and then started moving higher. For RSI there is plenty of vacuum to come to overbought terrain which indicates that the bias for the index is positive going ahead.

As per 120 mins chart, the index has not only completed the falling wedge pattern but also moved above the falling channel thereby opening positive possibilities. RSI has also relieved from the overbought territory and can move back north. 

Wave theory suggests that, prices are moving in a corrective form higher (a-b-c) where it completed wave a and wave b and it will unfold wave c which can take prices in the zone of 18350-18400 levels.

The summation is Nifty continues to be positive and can move towards 18350-18400 levels going ahead with support placed at 17880.


Comments

Rohan said…
Is Wave B taking less time than Wave A?
23 January 2023 at 07:20
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