Nifty Elliott Wave Analysis

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 Nifty daily chart


Nifty 2 hour chart


Analysis

In my previous update we had mentioned that Nifty need to cross 17,750 fir further positive possibilities which can soar prices towards 17,900 levels. The index made a high of 17,842 levels.

I will continue to hold my level of 17,900 levels going ahead. Also to read my previous update on Nifty, click on the below mentioned link

As seen in the daily chart, prices have crossed the hindrance of 17,750 and closed well above it thereby giving a positive breakout. The moving averages are on the brink to give a bullish crossover, as of now the index is above the averages which is a positive sign.

From 2 hour chart, prices are in oversold terrain and has started exhibiting negative divergence which is a sign of caution. There is a high possibility that the index will retest the level of 17,800-17,700 levels which will be a good level to enter the markets. 

Wave theory suggests, wave i and wave iii are equal and it is very likely that wave iv will be in motion from Monday onwards which will possibly complete near to 17,700-17,800 levels and then will open wave v which can go till 18,000-18,100 levels.

The summation is Nifty can be bought close to 17,700-17,800 levels from there it is likely to test the level of 18,000-18,100 levels over short to medium term.



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