Where is Nifty 50 Headed Next? Is the journey coming to an end?
Date: 3rd July 2024
Nifty Elliot Wave Analysis - Daily Time Frame
General Trend:
Since March 2023, Nifty 50 has surged in a remarkable uptrend, skyrocketing from around 17,000 to an impressive 24,300—a spectacular leap of 7,300 points. So, has Nifty 50 reached its limit? Is the journey coming to an end?
Here is our previous analysis, which we posted on June 18th, and we are still using the same wave count.
Ichimoku Cloud:
Applying the Ichimoku cloud to the chart, we see that Nifty 50 is trending above the Monthly, Weekly, Daily, and Hourly clouds. This suggests that Nifty 50 still has more ground to cover. No sign of reversal yet in Ichimoku and Price action.
Elliott Wave Analysis:
Applying Elliott wave analysis to the entire leg of Nifty 50’s journey from March 2023 suggests that we are currently in subwave 3 of Wave 5.
The Wave 5th has already completed its minimum target at 127% (23,898) and is now looking to hit 161.8% (24,600). If this is surpassed, we could see 25,000+ which corresponds to the 200% Fibonacci ratio.
The Nifty trend will change only if the daily candle closes below 23,898.
Disclaimer:
We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Nifty Elliot Wave Analysis - Daily Time Frame
General Trend:
Since March 2023, Nifty 50 has surged in a remarkable uptrend, skyrocketing from around 17,000 to an impressive 24,300—a spectacular leap of 7,300 points. So, has Nifty 50 reached its limit? Is the journey coming to an end?
Here is our previous analysis, which we posted on June 18th, and we are still using the same wave count.
Ichimoku Cloud:
Applying the Ichimoku cloud to the chart, we see that Nifty 50 is trending above the Monthly, Weekly, Daily, and Hourly clouds. This suggests that Nifty 50 still has more ground to cover. No sign of reversal yet in Ichimoku and Price action.
Elliott Wave Analysis:
Applying Elliott wave analysis to the entire leg of Nifty 50’s journey from March 2023 suggests that we are currently in subwave 3 of Wave 5.
The Wave 5th has already completed its minimum target at 127% (23,898) and is now looking to hit 161.8% (24,600). If this is surpassed, we could see 25,000+ which corresponds to the 200% Fibonacci ratio.
The Nifty trend will change only if the daily candle closes below 23,898.
Disclaimer:
We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Related publications
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.