InsiderB

An Analysis on Nifty : Simple Elliot Wave

NSE:NIFTY   NIFTY 50
Hey Guys,

This weekend lets do simple Elliot wave analysis on Nifty             . There is generally an universal rule followed while using elliot wave . (i.e) Wave 3 will be biggest & at times wave1=wave 5. Lets stick to this simple rule and we have drawn few trendlines on daily and 4h time frame on Nifty             .
The support (redline) is retested thrice and we are expecting a retest before Nifty             reaches 9000's. If you go by current 4h charts we have upper trendline (blue) which also coincides in reversal expectation area (8550's to 8650's), if reversal happens around here then we need to redraw our elliot waves.
So as of now, I am looking for valid close on day & move out of 8600's zone, if that happens Nifty             heading for 8850's. If reversal happens here within 8600's then small pullback to 8300's. Keep this as note to take further trades to decide direction of Nifty             .

Hit Likes if you agree..Thanks for your support...
Happy Trading !!

*** With Great Power, there comes Great Responsibility ***
ASKSANTHOSHPM
4 months ago
Yes to long @8450
+1 Reply
InsiderB ASKSANTHOSHPM
4 months ago
Thanks for stopping by & posting :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out