Elliot Wave Analysis of Nifty on Monthly Time frame
Updated
Nifty has completed internal 5th wave of Sub-wave B which is of Major Wave 4 i.e. upto 38.6% level @19421 and now, there is RSI divergence in monthly time frame at this level looking same divergence as before Corona Period and Sharp fall occurs at that time also.
At this time also RSI divergence is there in monthly time frame and USDINR is on the verge of breakout of a Bullish Penant pattern and therefore, I am expecting a sharp fall in the month of July, August & September.
Short Nifty @ 19434
SL 19500 (daily closing basis)
Target 18100-16800-15670-13800
At this time also RSI divergence is there in monthly time frame and USDINR is on the verge of breakout of a Bullish Penant pattern and therefore, I am expecting a sharp fall in the month of July, August & September.
Short Nifty @ 19434
SL 19500 (daily closing basis)
Target 18100-16800-15670-13800
Note
if on 7th July, 2023 i.e. on friday Nifty not break 19234 then Nifty heading towards for the target of 2150 0-22700.Order cancelled
Some mistake in chart Nifty will make correction only upto 18690 only. Thereafter heading towards 22700.Trade active
active
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