EW analysis of Nifty

NSE:NIFTY   Nifty 50 Index
I am considering 2009 dip as the starting point for the analysis. So as per the analysis, sub wave iii of wave (v) of wave is either going on or completed.

now, wave iii is at the 100% fibo extension
here is a probable count for the fractals of wave iii ,which suggests that wave iii is complete and iv is started here.
regular bearish divergence formed recently, which is suggesting that wave iii is completed.
occurrence of flat correction is high in wave iv, and it seems, a flat correction has started here. but flat corrections don't do deep retracement, here are the retracement levels to watch for
Comment: price bounced from horizontal support
Comment: probable move in weekly, wave iv can push the price to 9200-9600 level.
Comment: after wave iv , last leg of impulse i.e. wave v can take the price towards 10800+ levels.
Comment: here is the probable move in monthly time frame
Comment: there was a nice bounce from the horizontal support,
Comment: now nifty looks bearish, trend line support broken , then it tried to retest the broken trend line , and bearish engulfing formed while retesting it.


Nice work

+1 Reply
@Raj10, thanks :)
hello sir can you please advise me on this stock for elliotwave count
What about bearish engulifing on 4/09 and the price action next day.. whats your take now?
@Parasuram, well, at that time there was no trend line to provide resistance :) , see technical analysis is all about finding high probability trade set up, truth is even the best setup/patterns can fail, so we need to trade always with a proper sl.
Parasuram ParamjitMahapatro
@ParamjitMahapatro, ok... agree with u completely on the probability trade and proper sl...
+1 Reply
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