Nifty 50 IndexUpdated Nifty analysis as per Elliott Wave for June 24
There are 2 possibilities as per Elliott Wave.
Bearish: If Corrective phase wave C is not completed at 23398 then nifty must be in wave (iii) of corrective phase wave C ( which need to form 12345 pattern)
This wave (iii) itself need to form 12345 pattern so with that as of now it is supposed to conclude wave 2 of wave(iii) of wave C - it must not break 23567 (high of wave ii of wave C) + it must create ascending ABC pattern start from 23501 and then make higher then 23501 marked by low of wave 1 in red and then must observe some weakness - if so that might be start of wave (iii) [wave in red] of wave (iii) [wave in blue] of wave C [wave in grey]. That must give a run of at least 205+ points that means somewhere around 23300-23333 can be the target area and then after some retracement it must further break the red trendline and go below 23300.
That will conclude wave (iii) [wave in blue] of wave C [wave in grey].
If this happens then next there will be wave 4 (with ABC pattern) and 5 (with 12345 pattern) as shown in blue color and further inner waves in color red.
Also my Bank nifty analysis also suggest bearishness so if that happens that will drag nifty with it most likely. Here is the link for bank nifty _in.tradingview.com/chart/BANKNIFTY/8sEWy1S1-Bank-nifty-analysis-as-per-Elliot-WAVE-theory-for-24th-June/]
Bullish : If Corrective phase wave C is already completed at 23398 then currently nifty is in fresh Elliot wave to make compulsive elliot wave with 12345. If so wave (i) and (ii) are alraedy completed and nifty must be in wave (iii) which again need to create 12345 pattern on upside starting from 23445 which is start of the wave in green color drawn.
That must be followed by wave iv(ABC pattern) and wave 5(12345 Pattern) and can possibly take nifty to new LTH. If all this happens it will be
For this to happen break above 23587 is needed but chances of happening this seems to be less because Nifty has broken the lower support line of the channel it was following since June 10.
* 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 1/2 minute chart which I can use to publish - minimum 15 min chart is allowed.
*** use 1/2 min chart to see the wave formation.
Bearish: If Corrective phase wave C is not completed at 23398 then nifty must be in wave (iii) of corrective phase wave C ( which need to form 12345 pattern)
This wave (iii) itself need to form 12345 pattern so with that as of now it is supposed to conclude wave 2 of wave(iii) of wave C - it must not break 23567 (high of wave ii of wave C) + it must create ascending ABC pattern start from 23501 and then make higher then 23501 marked by low of wave 1 in red and then must observe some weakness - if so that might be start of wave (iii) [wave in red] of wave (iii) [wave in blue] of wave C [wave in grey]. That must give a run of at least 205+ points that means somewhere around 23300-23333 can be the target area and then after some retracement it must further break the red trendline and go below 23300.
That will conclude wave (iii) [wave in blue] of wave C [wave in grey].
If this happens then next there will be wave 4 (with ABC pattern) and 5 (with 12345 pattern) as shown in blue color and further inner waves in color red.
Also my Bank nifty analysis also suggest bearishness so if that happens that will drag nifty with it most likely. Here is the link for bank nifty _in.tradingview.com/chart/BANKNIFTY/8sEWy1S1-Bank-nifty-analysis-as-per-Elliot-WAVE-theory-for-24th-June/]
Bullish : If Corrective phase wave C is already completed at 23398 then currently nifty is in fresh Elliot wave to make compulsive elliot wave with 12345. If so wave (i) and (ii) are alraedy completed and nifty must be in wave (iii) which again need to create 12345 pattern on upside starting from 23445 which is start of the wave in green color drawn.
That must be followed by wave iv(ABC pattern) and wave 5(12345 Pattern) and can possibly take nifty to new LTH. If all this happens it will be
For this to happen break above 23587 is needed but chances of happening this seems to be less because Nifty has broken the lower support line of the channel it was following since June 10.
* 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 1/2 minute chart which I can use to publish - minimum 15 min chart is allowed.
*** use 1/2 min chart to see the wave formation.
Note
Gift nifty is down so bearish formation is more likely to happen.Note
Nifty so far followed the Elliot wave as it was precited on bearish side i.e. corrective phase is still ON, only difference is it retraced back almost fully and is currently near to conclude wave 4 in blue color.There is no way to put an attachment or link else could have shown how these waves are still formed on smaller timeframe. Wave 2 and 4 has been very strong and brought back nifty to the same level every time, wave 4 is not formed in the area I predicted.
As mentioned wave 4 is made of abc , it is in last leg C which is supposed to have 12345 pattern - for this to complete nifty is supposed to go above day high 23558 which is point (a) of this wave 4. Point (b) is formed at 23592.
Once WAVE (c) of this wave 4 of wave C is concluded which should happen in the morning opening minutes only then last leg 5 of corrective wave C must be ready to form.
The room for this last leg is very tight on upper side as well as lower side.
As this last leg can not be greater than wave 3 length (23566-23350=266) as well as it need to go at least 1 point below 23350 - for that to happen nifty can not go above 23564.
If all of this happens then we can see a mirror image tomorrow of what happened today but on downside.
If last leg 5 of corrective wave C forms 12345 pattern then it must lead to formation of H&S pattern with neck line around 23492 so below that a sharp downside move might come.
Looking at tightness for leg5 and how nifty is retracing back if nifty reaches at 23350 level it again can see good pull back tomorrow.
** If nifty cross 23566 then this theory will become invalid and then will have to reassess if corrective wave C is already completed or points AB are to be relocated.
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