# NIFTY Research Report 2: Elliott Wave And Price Action analysis

NSE:NIFTY   Nifty 50 Index
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Timeframe: 1- Day
Theory: Elliott Wave
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Timeframe: 1- hour
Theory: Elliott Wave

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Let's zoom the 5th impulsive wave of wave ((5)) to know the current situation of the Wave cycle.
The ending point of wave 4 is the starting point of wave 5.

After the accomplishment of, triple zigzag , the price has started an impulsive wave, and it has broken the X wave.
X was had holder the correction, and break out of X wave increased public participant in nifty .

Wave formations of the impulsive wave 5 of wave ((5)).
Wave ((i)) is a leading diagonal .
Wave ((ii)) is a zigzag correction, retraced 50% of wave ((i)).
Wave ((iii)) is a five-wave impulse where sub-wave v is near to being completed.

After the completion of wave ((iii)), the price will start the corrective wave ((iv)). The question is, how to know if the corrective wave started or not?
The best way to find the starting point of the corrective structure is the breakout of the base channel.
If the price breaks the base channel, it may end near the previous wave (iv). I have already mentioned levels in the daily time-frame analysis.

If the price couldn't break down the parallel base channel, it can create a new high, but it will give a short pullback to increase public participants.

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Timeframe: 1- hour
Theory: Price Action Analysis

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Price has broken out the downtrend channel and started an upward move.
However, the current bullish move looks strong, but the price can't make a new high without proper retracement.

Nifty can't get public participants Without trend pause( correction).
If the price breaks the parallel channel , we can expect the following support level: 18232-17944-17604-17261

Please note that the price is bullish above 18250.
If the price takes support on the parallel channel , it can go for 18600-18845+ to touch the upper band of the channel.
Comment: Touched 18232
Touched 17944
Comment: 17604 Touched
Comment: New Update:

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