Nifty Elliott Wave Analysis: Rallying Higher as Impulse
Hello Traders,
In this analysis, we will have a look at the Nifty index from India in the 4-hour timeframe.
Nifty Elliott wave analysis suggests that the rally to 11171.55 high ended black wave ((3)). Down from there, the decline to 9951.9 low ended black wave ((4)) pullback. The internals of that pullback unfolded as Elliott wave double three structure with sub-division of 3-3-3 corrective swings in each leg. Down from 11171.55 high, the initial decline to 10276.3 low ended blue wave (W) as a Flat. Then the bounce to 10637.8 high ended blue wave (X) bounce. And the decline to 9951.9 low ended blue wave (Y) of black wave ((4)) as Elliott Wave Flat.
Up from 9951.9 low, black wave ((5)) remains in progress as impulse where blue wave (1), (3) & (5) are expected to unfold in 5 waves advance within lesser degree cycles. Whereas blue wave (2) & (4) are expected to unfold in 3 waves corrective sequence in lesser degree cycles. Above from 9951.9 low, the rally higher to 10929.2 high ended blue wave (1) in 5 waves structure. Down from there, the pullback to 10404.62 low ended blue wave (2) in 3 swings.
Above from there, the index is nesting in blue wave (3) higher. Where red wave 1 ended at 10893.25. And the red wave 2 ended at 10557.7 low. Near-term focus remains towards 11458.50-11584.44 100%-123.6% Fibonacci extension area of black wave ((i))-((ii)) to end the lesser degree blue wave (i). Later on, the index is expected to do a pullback in blue wave (ii) in 3, 7 or 11 swings before further upside is seen. We don’t like selling the index and prefer more upside as far as the pivot at 10404.62 low in our distribution system stays intact.
In this analysis, we will have a look at the Nifty index from India in the 4-hour timeframe.
Nifty Elliott wave analysis suggests that the rally to 11171.55 high ended black wave ((3)). Down from there, the decline to 9951.9 low ended black wave ((4)) pullback. The internals of that pullback unfolded as Elliott wave double three structure with sub-division of 3-3-3 corrective swings in each leg. Down from 11171.55 high, the initial decline to 10276.3 low ended blue wave (W) as a Flat. Then the bounce to 10637.8 high ended blue wave (X) bounce. And the decline to 9951.9 low ended blue wave (Y) of black wave ((4)) as Elliott Wave Flat.
Up from 9951.9 low, black wave ((5)) remains in progress as impulse where blue wave (1), (3) & (5) are expected to unfold in 5 waves advance within lesser degree cycles. Whereas blue wave (2) & (4) are expected to unfold in 3 waves corrective sequence in lesser degree cycles. Above from 9951.9 low, the rally higher to 10929.2 high ended blue wave (1) in 5 waves structure. Down from there, the pullback to 10404.62 low ended blue wave (2) in 3 swings.
Above from there, the index is nesting in blue wave (3) higher. Where red wave 1 ended at 10893.25. And the red wave 2 ended at 10557.7 low. Near-term focus remains towards 11458.50-11584.44 100%-123.6% Fibonacci extension area of black wave ((i))-((ii)) to end the lesser degree blue wave (i). Later on, the index is expected to do a pullback in blue wave (ii) in 3, 7 or 11 swings before further upside is seen. We don’t like selling the index and prefer more upside as far as the pivot at 10404.62 low in our distribution system stays intact.
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