Nifty 50 IndexUpdated Nifty looks to be entering a sideways zone
As per Elliot analysis, and my knowledge, we are already at 2.612 target of wave 3 in daily.
Nifty will have a short retracement till around 530 or 460, post which it will kickoff a new hourly rally, which has a target of 24850.
24850 should be an interim halt.. and nifty should enter sideways zone for few days after 24840.
After achieving 24800, it might comeback to 24000 for retest, which is its long term support, or play around that level for few days before kicking off next long rally.
Nifty will have a short retracement till around 530 or 460, post which it will kickoff a new hourly rally, which has a target of 24850.
24850 should be an interim halt.. and nifty should enter sideways zone for few days after 24840.
After achieving 24800, it might comeback to 24000 for retest, which is its long term support, or play around that level for few days before kicking off next long rally.
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I thin kit already achieved the target of 24000 for short-term.As per elliot, here, this time, wave 2 which was from Feb to May-June, was very time consuming, and thus wave 4 might be short, like ABC, which it did yesterday,
It can start a fresh rally, I would be personally on the bull side for 2 reasons.
24000 is a long term support, which it has tested, so the chances of bearish run are only if it breaks 24000 again.
Today it retested the support and has started a fresh rally.
There are two possibilities today's rally.. Its X of WXY or wave 1. In all cases, target1 is about 24700. post that we will revise again.
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