NIFTY appears to be moving in the fourth Elliott wave which is likely to complete around 11250. It could then move up in the fifth wave before a substantial correction to below 10000 levels, if the wave count in the above chart is correct.
This pattern will be invalidated if the the current correction drops below 10930.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Cheers
ND
This pattern will be invalidated if the the current correction drops below 10930.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Cheers
ND
Comment:
The count in the above chart is still valid as NIFTY hasn't crossed the red line.
Comment:
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
Update:
The Elliott wave count in the above chart is still valid as NIFTY hasn't breached the 10850 level but instead bounced back from it (see below). The ABC corrective wave also appears to be complete as NIFTY has completed all the three sub-waves of wave C as shown in the chart.
NIFTY could again drop back to 10850-60 level to retest it (or find support on 10900) but my gut feeling is that it will eventually move up from here to complete the (v) wave as shown in the chart.
If NIFTY dropped below this level then the wave count in the above chart is invalid and I would have to update it. Let's see what happens on Monday.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
The Elliott wave count in the above chart is still valid as NIFTY hasn't breached the 10850 level but instead bounced back from it (see below). The ABC corrective wave also appears to be complete as NIFTY has completed all the three sub-waves of wave C as shown in the chart.
NIFTY could again drop back to 10850-60 level to retest it (or find support on 10900) but my gut feeling is that it will eventually move up from here to complete the (v) wave as shown in the chart.
If NIFTY dropped below this level then the wave count in the above chart is invalid and I would have to update it. Let's see what happens on Monday.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
Sorry, here's the correct chart:
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.