Nifty 50 IndexLong
Nifty prediction for 26th June based on Elliott Wave
Updated
Nifty should retest around 23700 zigzag fashion then must go towards 23787 and must get rejection
From the da high in the morning (must be new LTH too) in the form of ABC zig zag it must move down, how much can be said but it it comes around 23630 area then it will get some really good support to bounce back as there is long time support channel line.
Then from the low of ABC around 200-250 points of rally might come to first cross 23800 and then go near 23900.
So basically wave 4,5 and ABC in green and then 12345 in blue might be the moves for nifty tomorrow.
Please note in any case from low of C not more than 280 points will come and at least it will have to cross wave 5 high. This last leg will be again of 12345 pattern as shown in the diagram.
where there can be multiple small timeframe inner waves but total run limit will be as mentioned.
** Numbers mentioned are predictions and waves can be formed without exactly touching the numbers but if I have understood the waves well then most likely this must be the pattern tomorrow.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
** The waves must be seen on 1 minute chart which I can't use to publish - minimum 15 min chart is allowed.
From the da high in the morning (must be new LTH too) in the form of ABC zig zag it must move down, how much can be said but it it comes around 23630 area then it will get some really good support to bounce back as there is long time support channel line.
Then from the low of ABC around 200-250 points of rally might come to first cross 23800 and then go near 23900.
So basically wave 4,5 and ABC in green and then 12345 in blue might be the moves for nifty tomorrow.
Please note in any case from low of C not more than 280 points will come and at least it will have to cross wave 5 high. This last leg will be again of 12345 pattern as shown in the diagram.
where there can be multiple small timeframe inner waves but total run limit will be as mentioned.
** Numbers mentioned are predictions and waves can be formed without exactly touching the numbers but if I have understood the waves well then most likely this must be the pattern tomorrow.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
** The waves must be seen on 1 minute chart which I can't use to publish - minimum 15 min chart is allowed.
Note
Bingo : Nifty almost moved in the same fashion in the morning as predicted, it touched 23671 in the zigzag pattern and then moved up 23787 but it did not came down from there but kept extending so wave 5 could not be concluded as predicted but today's day high is WAVE 3 high (in pink color) -Now the ABC pattern in the green followed by another wave of 12345 pattern mentioned in blue to be formed.
** On shorter time frame ABC pattern is already seen if that is already correction phase of wave 3 then tomorrow wave must take nifty towards 24000. But since wave 3 has been quite long so correction wave ABC must take some time to form and prepare for last wave 5.
** Overall I predict the repetition of today's moves tomorrow as well. Between 23800-23830 day's low must be formed and then wave 1 and 2 must be formed, wave 3 is the wave one need to ride.
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