Nifty 50 index which is known as Indian stock market leader how to perform leader in coming days we try to understand. our nifty 50 index trade in bearish cycle for short time frame on daily chart and corrective wave on longer time frame on weekly chart.
1. First we try to understand on weekly chart 16000 sixteen thousand is major support level.
2. Daily analysis :- Index trade on bearish Elliott wave cycle 3rd impulse wave in progress which is complete at 16670-16700 range. and Harmonic XABCD, PRZ area matching in this range harmonic XABCD, D point 16700 two confirmation matching at this point so see price action at level and may be 4th corrective wave (or pullback) made and again break these level we can see 5th impulsive wave which is complete 16000 sixteen thousand range. Index trade in bearish shifting RSI zone.
3. We review when daily bearish short time wave complete. lets see.
4. This is a only education purpose before trade plan please guide your finance adviser.
1. First we try to understand on weekly chart 16000 sixteen thousand is major support level.
2. Daily analysis :- Index trade on bearish Elliott wave cycle 3rd impulse wave in progress which is complete at 16670-16700 range. and Harmonic XABCD, PRZ area matching in this range harmonic XABCD, D point 16700 two confirmation matching at this point so see price action at level and may be 4th corrective wave (or pullback) made and again break these level we can see 5th impulsive wave which is complete 16000 sixteen thousand range. Index trade in bearish shifting RSI zone.
3. We review when daily bearish short time wave complete. lets see.
4. This is a only education purpose before trade plan please guide your finance adviser.
Trade active:
Nifty low 16782
Trade closed manually:
Today nifty close Above 17350 and break 4th wave.