Nifty - Anticipated Happened

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 Nifty 4 hour chart anticipated on 10th June 2023


Nifty 4 hour chart happened on 16th June 2023


Analysis

In my previous update I had mentioned that, "Nifty is positively poised and can move higher towards 18800-19100 levels over short to medium term."

The benchmark made a high of 18863 levels which was anticipated range and it has not only crossed this but closed within the above mentioned range - Anticipated Happened.

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

https://www.marketanalysiswithmeghmody.com/2023/06/nifty-and-5th-wave-extended.html

As seen in the above chart, prices are moving in a higher highs and higher lows and in the wave v of wave v there is still room as five waves internally are not clear. This means that the uptrend will continue and prices will nearly reach towards 19100 levels which is the second resistance zone as per the Fibonacci projection.

The summation is Nifty has still room to move higher and can test 18900-19100 price range going ahead. Also one needs to be cautious on the buying side as the index is arriving near to its previous swing high of 18886 levels.

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