Finnifty: Elliott Wave Analysis

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 Finnifty daily chart


Finnifty 2 hour chart


Analysis

From the above chart, the index has found a multiple resistances and has shown signs of reversal by forming dark cloud cover in the weekly chart. This is a bearish reversal pattern and needs a follow up action next week which will decide the future road for the index. 

Also in the daily chart, it is very clear that the index has closed below its previous swing low thereby discontinuing the higher highs and higher lows formation. There is a high possibility for the index to break the level of 18650 levels over short term.

In 120 mins chart, prices have shown text book sign of reversal. If you see up close, the move on Thursday (up), the index took 12 hours to reach 19496 levels from 19171 levels. This low was taken out in less than 12 hours indicating strong reversal. RSI is also exhibiting negative divergence which is a sign of caution.

Elliott Wave Analysis suggests, prices have completed five up move and also wave c of wave b at one higher degree. If this is wave b at one higher degree then wave c can move down towards 15600-15400 levels in the form of flat pattern (3-3-5). As of now in coming week or so expect price to move down till 18650 levels followed by 18200.

The summation is Finnifty is negatively poised and can move down towards 18650 followed by 18200 levels over short term.

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