Nifty Elliott Wave Analysis

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 Nifty daily chart


Nifty 2 hour chart anticipated on 3rd April 2023


Nifty 2 hour chart happened on 6th April 2023


In my previous update I had mentioned that, "Nifty is positively poised and can move higher towards the level of 17550-17600 levels over short term."

The index moved higher towards my price range of 17550-17600 levels by marking a high above 17600 up by 1.50% in the previous week - Anticipated Happened.

To view my previous update, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/04/nifty-elliott-wave-counts.html

As seen in the above daily chart, the index has arrived near to its resistance of the falling channel. Now if Nifty wants to move higher it is important for the index to give a decisive break above 17750 levels, thereby giving a bullish break in the falling channel formation.

From 2 hour chart, Nifty is closing in to the resistance and ROC over short time frame is exhibiting negative divergence. However, price confirmation is yet to confirm a reversal. There are high chances that on Monday, the index will open with gap up and go close to 17750 levels, closing above this level will further open positive possibilities.

As per Wave theory, prices have completed (a-b-c), now two probabilities will open from here

Scenario 1: Prices are moving down in a double correction (a-b-c-x-a-b-c) where the ongoing leg is wave x and then again wave a lower will resume the major trend.

Scenario 2: Prices have completed (a-b-c) and new leg on the upside will start once 17750 is taken out.

The summation is Nifty is positively poised but any move above 17750 will open further positive possibilities which can push prices higher towards 17900 levels.

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