Nifty Elliott Wave

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 Nifty daily chart


Nifty 2 hour chart


Analysis

From the above chart, Nifty is moving precisely in the falling channel and has bounced from the lower end of the channel. There is a high possibility for the index to reach towards the resistance of the channel from current levels and can test the 50 sma (blue) which is near to the zone. ADX has also started picking strength.

As shown in the 2 hour chart, the index is moving facing the resistance of the short term moving average 50 sma, there is high chance that it crosses this resistance zone and move higher from here. On the higher side the index can test the levels of 17800-17900 levels over short term.

As per Wave thoery, there are two scenarios which I have opened

The first scenario is prices are moving in a-b-c-x-a-b-c where it has completed wave a and has opened wave b higher after completing wave x.

The other scenario is prices are moving in wave 1 in leading diagonal where it has completed wave 1 and has opened wave 2 higher  followed by wave 3 lower.

In both the above scenarios, the benchmark will go higher first and then it will falter lower. 

The summation is Nifty is likely to test the level of 17800-17900 price range over short term and then reverses from the resistance levels lower which I will update once I get confirmation.


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