Nifty and 5th Wave extended

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 Nifty 4 hour chart


Analysis

As seen in the above chart, prices are moving in a higher highs and higher lows and it is well above both the moving averages suggesting that the trend is positive. RSI continues to exhibit negative divergence but prices continues to make new high.

As per Wave theory, there is an important development which has happened that can possibly completed wave B of one higher degree for which it has to make a new high. Currently prices are moving in an impulsive fashion which is wave c of wave B and has to cross its preceding high of 18810 levels that will complete wave B and then it will open wave C lower.

Initially the upmove was challenging but now it looks to be solved as wave v of wave c is extended. In wave v wave i and wave iii are equal and wave v of wave v can be equal or can be extended. If it is equal then the index can move higher towards 19100 levels. But if it only goes till 38.2% then it can come near till 18810 levels. In both the cases prices are expected to soar in the range of 18800-19100 levels.

The summation is Nifty is positively poised and can move higher towards 18800-19100 levels over short to medium term.

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