Nifty - Elliot Wave Update - Close to bottom, for Now!
I am considering the entire correction from October highs as a triangle - ABCDE.
We are now in E and E seems to be forming an Ending Diagonal - Another ABCDE.
The chart shared shows internals of the Wave E.
I have marked two alternates - Red and Orange, and in both cases we are close to end of correction which should end anywhere between 22500-600.
If 22500 breaks we will have to update the counts and consider a dip to 22000.
The bottom that gets formed could either be completion of correcting in Weekly Wave 4 in which case we head to ATH i.e. +28k in Nifty OR it could be just first leg of correction that ends in W and we go up in an X, in which case I expect 24-24.5k.
In both cases a good move up should unfold - Expecting March to be a green month and most likely April to follow through upwards - So, gunning for 2 green months.
A few factors getting aligned - US market seems topping out in Weekly Wave 3 and so does USDINR - both should favor some flow of funds towards a better valued Indian markets - and hence a +ve fund flow from FIIs should help bump up the markets, along with liquidity getting infused by RBI.
So, time to start putting in the lump-sums :)
We are now in E and E seems to be forming an Ending Diagonal - Another ABCDE.
The chart shared shows internals of the Wave E.
I have marked two alternates - Red and Orange, and in both cases we are close to end of correction which should end anywhere between 22500-600.
If 22500 breaks we will have to update the counts and consider a dip to 22000.
The bottom that gets formed could either be completion of correcting in Weekly Wave 4 in which case we head to ATH i.e. +28k in Nifty OR it could be just first leg of correction that ends in W and we go up in an X, in which case I expect 24-24.5k.
In both cases a good move up should unfold - Expecting March to be a green month and most likely April to follow through upwards - So, gunning for 2 green months.
A few factors getting aligned - US market seems topping out in Weekly Wave 3 and so does USDINR - both should favor some flow of funds towards a better valued Indian markets - and hence a +ve fund flow from FIIs should help bump up the markets, along with liquidity getting infused by RBI.
So, time to start putting in the lump-sums :)
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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.