Elliott Wave View favoring more upside in NIFTY
Hello Traders,
NIFTY is showing an incomplete sequence to the upside in the short term, favoring more upside while above 11/26 low (10487.1). Near term, cycle from 10/26 low (10004) remains in progress as a zigzag Elliott Wave structure. Blue Wave (A) ended at 10774.7 as 5 waves impulse Elliott Wave structure and blue wave (B) ended at 10487.13 low.
Blue of wave (A) unfolded as an impulse where red wave 1 ended at 10285.1, red wave 2 ended at 10105.10, red wave 3 ended at 10619.55, Red wave 4 ended at 10440.55, and red wave 5 of (A) ended at 10774.7. Blue wave (B) pullback unfolded as a double three Elliott Wave structure where red wave W ended at 10562.35, red wave X ended at 10646.25 and red wave Y of (B) ended at 10487.13.
Up from 10487.13 low, blue wave (C) is in progress as a 5 waves impulse Elliott Wave structure where red wave 1 ended at 10941.20 and red wave 2 pullback is proposed to be completed at 10831 and ideally should extend higher as long as it stays above that level but more importantly above 10487.13 low. We don’t like selling it as the right side is to the upside.
NIFTY is showing an incomplete sequence to the upside in the short term, favoring more upside while above 11/26 low (10487.1). Near term, cycle from 10/26 low (10004) remains in progress as a zigzag Elliott Wave structure. Blue Wave (A) ended at 10774.7 as 5 waves impulse Elliott Wave structure and blue wave (B) ended at 10487.13 low.
Blue of wave (A) unfolded as an impulse where red wave 1 ended at 10285.1, red wave 2 ended at 10105.10, red wave 3 ended at 10619.55, Red wave 4 ended at 10440.55, and red wave 5 of (A) ended at 10774.7. Blue wave (B) pullback unfolded as a double three Elliott Wave structure where red wave W ended at 10562.35, red wave X ended at 10646.25 and red wave Y of (B) ended at 10487.13.
Up from 10487.13 low, blue wave (C) is in progress as a 5 waves impulse Elliott Wave structure where red wave 1 ended at 10941.20 and red wave 2 pullback is proposed to be completed at 10831 and ideally should extend higher as long as it stays above that level but more importantly above 10487.13 low. We don’t like selling it as the right side is to the upside.
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