Nifty weekly chart analysis Elliot wave from 1990 till 2019
Here is a chart of weekly Nifty. Some observation from 1990 till 2019.
So here I think we saw the highest level of Nifty @ 12103 which let us assume as completion of Wave 5(Elliot wave).
Now we have entered the bearish zone which is going to be volatile as seen in the year 2k and 2008...
2019 can be the third phase of correction for the Nifty index. Now if you see the charts please also see that whenever
the bearish wave C is complete it bottoms out somewhere near wave 4 low approx.
So, if we assume that this is actually a slowdown and we may see a crash, our lows are placed somewhere near 6825 which
is low of wave 4. This is just a probability of how the market could crash in the next 6 to 12 months. Right now we don't have any such events happening in our country that we may see 12k plus nifty so soon. The global economy is slowing down guys!!!
Red thin lines near the CMP are the immediate supports. A selling is seen for the last 9 weeks which may result in a pullback. So, everytime we pull up, its just sell on rise. Do not invest every penny now. If nifty is seen at half levels from here
everything will be at cheap levels. Be wise and rise in the market.
So here I think we saw the highest level of Nifty @ 12103 which let us assume as completion of Wave 5(Elliot wave).
Now we have entered the bearish zone which is going to be volatile as seen in the year 2k and 2008...
2019 can be the third phase of correction for the Nifty index. Now if you see the charts please also see that whenever
the bearish wave C is complete it bottoms out somewhere near wave 4 low approx.
So, if we assume that this is actually a slowdown and we may see a crash, our lows are placed somewhere near 6825 which
is low of wave 4. This is just a probability of how the market could crash in the next 6 to 12 months. Right now we don't have any such events happening in our country that we may see 12k plus nifty so soon. The global economy is slowing down guys!!!
Red thin lines near the CMP are the immediate supports. A selling is seen for the last 9 weeks which may result in a pullback. So, everytime we pull up, its just sell on rise. Do not invest every penny now. If nifty is seen at half levels from here
everything will be at cheap levels. Be wise and rise in the market.
Trade active:
Pullback from the last red line, seems another upward wave in the index now!!!