NIFTY-ELLIOTT WAVE ANALYSIS
Updated
Nifty-50 is showing the characteristics of a leading diagonal. I have mentioned all the rules regarding the leading diagonal and plotted them at the relevant level.
Please go through the chart and try to understand which has been made very easy for you.
Nifty may bounce back from the current level or from 15300 or from 14800.
The level projected are purely based on Fibonacci ratios. The leading diagonal gives a good retracement and it can retrace up to 17300-350 after wave 5 of 1 will complete downside.
Regards.
Please go through the chart and try to understand which has been made very easy for you.
Nifty may bounce back from the current level or from 15300 or from 14800.
The level projected are purely based on Fibonacci ratios. The leading diagonal gives a good retracement and it can retrace up to 17300-350 after wave 5 of 1 will complete downside.
Regards.
Note
In Upside we can see 16365 around levelsNote
Shorts can be exited now for retracement upto 16150-16200Note
upside target reached...now a wait for breakdown...!Note
IF break below 16135 then 15880-15740 may come
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