NeeteshJain
Long

NIFTY - ELLIOTT WAVE ANALYSIS

NSE:NIFTY   Nifty 50 Index
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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.

Thanks,
Comment: Rally may go unto 9050 levels. Regards
Comment: Consolidating with a Triangle Formation




Regards
Trade closed: target reached: Breakout Achieved Successfully, Regards
Hi Neeteshji, its been some time since you did a chart on NIFTY. Your last chart in March was bang on target and its been moving up now for a while since it took a major break. Can you please have a look whenever time permits, as i have some thoughts now that its near a crucial top. Thank you.
+1 Reply
ShanTrader ShanTrader
I meant in respect with a Nifty using EWT Analysis, as you have been posting at least a chart based on other analytical tools.
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NeeteshJain ShanTrader
@ShanTrader, Sure, I shall consider it in the next posting. Thanks
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hi @NeeteshJain what fibonachi ratio u take to consider its 2nd wave of 1st 3rd wave of 2nd 4th wave of 3rd and finally 5th wave in ELLIOT WAVE .??
my second question is you use combination of fibonachi retacement and extension to predict elliot wave ?
thanks?
Reply
NeeteshJain GaneshChoudhry
@GaneshChoudhry, Wave2 Fibs would be anything above .50 Levels. Wave 3 Fibs would be above 1.618 extension of Wave 1. Yes I use both Fibs and extension fibs to predict next elliott wave. Regards
Reply
why you see hourly chart, do you carefully see for trend revesal signal?
+1 Reply
NeeteshJain nalinakshi
@nalinakshi, Yes and also to look for any potential pattern formation. Thanks, Regards
Reply
now, 3rd wave will perform from Elliot Wave to Election(result) Wave!
+1 Reply
wonderful EW pattern drawn.
+1 Reply
NeeteshJain rajesh2467
@rajesh2467, I hope you it adds value to your trading experience. Thanks, Regards
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