#Nifty Hourly Latest view
Updated
Nifty after bottoming out in March end has been in clear uptrend with some minor pullbacks in between.
It is currently travelling in a parallel channel with a important support placed around 18190 which in last session acted as channel bottom trendline support as well as was May series avwap level.
Nifty bounced by more than 100+ points from that support.
In terms of wave marking as far as my understanding goes we may be possibility in (iii) of 5 and above 18360 we may see a momentum towards 18450 to 550 as per fibo projections.
From RSI side, yes there is a negative divergence (RSI is making HL) visible which is being talked about but at the same time RSI has not made a LL.
Same thing happened during larger wave 4, when Nifty 17850 to 17550 and eventually broke out upside.
This probably indicates that buying is emerging from lower levels and dips are being bought.
Depending upon How we see opening on Monday, as long as 18190 is safe, #Nifty may continue to move its upward journey.
Short term bullish structure / Invalidation level as I feel is only below 18030, or round number as 18K
The upside projection can be as marked on the charts as long as price continues to follow the channel and marked important levels.
Previous Nifty analysis are linked in related idea section
It is currently travelling in a parallel channel with a important support placed around 18190 which in last session acted as channel bottom trendline support as well as was May series avwap level.
Nifty bounced by more than 100+ points from that support.
In terms of wave marking as far as my understanding goes we may be possibility in (iii) of 5 and above 18360 we may see a momentum towards 18450 to 550 as per fibo projections.
From RSI side, yes there is a negative divergence (RSI is making HL) visible which is being talked about but at the same time RSI has not made a LL.
Same thing happened during larger wave 4, when Nifty 17850 to 17550 and eventually broke out upside.
This probably indicates that buying is emerging from lower levels and dips are being bought.
Depending upon How we see opening on Monday, as long as 18190 is safe, #Nifty may continue to move its upward journey.
Short term bullish structure / Invalidation level as I feel is only below 18030, or round number as 18K
The upside projection can be as marked on the charts as long as price continues to follow the channel and marked important levels.
Previous Nifty analysis are linked in related idea section
Note
Nifty hits 18455 :)Note
So, Nifty hits 18455 as the first target which was marked as iii of 5, and has taken resistance there. Since then it has gone into correction and also broke down the channel support. It did broke down the important support level marked as 18191 but structurally still above 18040 is bullish.
As I see it may be forming a falling wedge with in this corrective price action. A small divergence on hourly chart is visible post today's closing.
I will be waiting for this setup to get activate
Note
Did you caught bottom today with me ?Note
Nifty 18760+
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