Nifty and 5th Wave extended

-

 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.

Join my Telegram Channel : https://t.me/elliottician1

Join My Twitter handle : https://twitter.com/meghmody?s=11&t=LtKvFYlMyQs71k-udwEPgQ



Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  htt
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate
Read more

MCX Crude Oil - Reversal as per Elliott Wave Analysis

-
Image
 MCX Crude Oil 4 hour chart Analysis According to the presented chart, the price movement of crude oil shows a consistent pattern of lower highs and lower lows, suggesting a prevailing negative bias. Notably, there was a recent breach of the previous low following the Crude Oil inventories report, leading to a decline towards the 5787 levels. Despite this, there is a potential for a relief rally or a reversal to occur at the current levels. Examining the Waves perspective, Crude Oil exhibited a three-leg pattern (A-B-C), with wave C concluding at 161.8% of the distance from wave A to wave B, as illustrated in the chart. Within wave C, there are distinct markings of five waves, hinting at the imminent completion of the downtrend. In summary, it is suggested that MX Crude Oil could experience a relief rally or a reversal in the vicinity of these levels, with the potential to test the 7000 levels in the future . Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle
Read more