It is been observed on a hourly chart that the price action was correcting in a flat correction
as per the Elliott Waves
principles. It is a three waves structures marked as A,B,C. Now, after the completion of the sideway move or a flat correction
, the price action moved sharply up to previous resistance levels but failed to break it and then retraces above the C leg, forming a higher low. Now, it is a indicative of prior trend continuation or uptrend.
Now, if Nifty
stays above 8900 levels tomorrow then we shall surely see 9000+ levels next week.
In case, it goes beyond the 8900 levels then there will be a change in trend and it may take the price action further down to 8800-8780 levels.
I would appreciate if you could share your views on the above matter and also your analysis on Nifty
in coming days. It will help traders to gain knowledge and an idea of the market.