Niftydirection

Nifty Start of Corrective Wave

Short
NSE:NIFTY   Nifty 50 Index
Detailed Analysis using Elliot Wave

Nifty from march lows formed Leading diagonal and its abc correction till 8806, fresh 5 step impulse wave was triggered till 11794.

Nifty opened gap down on Friday 04th Aug, Gap was wide and didn't get fill.
It has also broken swing low 11325 so this suggests start of fresh corrective wave.

Nifty to again test 11111 levels which is least expected correction. Breaking below that we will see below Fibonacci correction levels
0.236=11089
0.382=10653
0.5=10300
0.618 = 9947
0.786 = 9445

Now Mondays 07th Aug closing is important then we will consider following
Case 1 view Sideways: Wave B is flat or any complex correction range 11300-11584

Case 2 view Bearish: Wave C will be in progress 11111 will be hit subsequently below that given fib levels will be tested.

Case 3 view Bullish: Only above 11600

Disclaimer: This investment/trading may not be suitable for all investors or analysis can be wrong so ask your financial advisor before investing. Your capital will be at high risk and you may loose all while trading Futures and Options. This is not actual buy or sell recommendation.

Comments

@Niftydirection I find your analysis intriguing but I have a doubt regarding the 2nd fib sequence in your chart. Why did you take that particular level for 2nd fib?
+3 Reply
Niftydirection AbhilashValajipeta
@AbhilashValajipeta, There are three fib on chart from left to right. Big one at left is from lifetime high to march lows, middle one is measuring impulse 1-2-3-4-5. Third smallest on left is to measure possible downside from top considering it will be 5 wave impulse.
+1 Reply
AbhilashValajipeta Niftydirection
@Niftydirection, thank you for clarifying from me all the folks who stand to benefit from your analysis and even today N50 is respecting your analysis.
+2 Reply
Very good analysis Sir.
+1 Reply
@karlapati thank you
Reply
Great Explanation
+1 Reply
@kaaarigar thank you
Reply
Tq good information
+1 Reply
Perfect draw
+1 Reply
Niftydirection AadhanTrading
@AadhanTrading, thanks
Reply
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