Nifty 50 Elliot wave structure in Long term.
As per my view with the burst of Dotcom bubble, a new bullish cycle started in Nifty and could have ended with top done in Sep-Oct last year.
Bullish wave till 2008 and downfall of 2008 are considered pivotal points. With that fub extension tool was drawn and we can see that market has respected all major Fib levels.
For eg. It fell from 1.6 and even in panic of COVID, it took support on perfect level of Fib retracement 1.
Post that market was sideways for a year near 2.6 retracement level and then came big bullish run with madness till 25k+.
Now we have had the first retracement cycle and in coming months I see target of 16000 could be given by nifty if the view is correct.
Depending upon negativity of economy and market, level 16k would be start of new cycle..
Plz confirm if you have agree with this.
Bullish wave till 2008 and downfall of 2008 are considered pivotal points. With that fub extension tool was drawn and we can see that market has respected all major Fib levels.
For eg. It fell from 1.6 and even in panic of COVID, it took support on perfect level of Fib retracement 1.
Post that market was sideways for a year near 2.6 retracement level and then came big bullish run with madness till 25k+.
Now we have had the first retracement cycle and in coming months I see target of 16000 could be given by nifty if the view is correct.
Depending upon negativity of economy and market, level 16k would be start of new cycle..
Plz confirm if you have agree with this.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.