Hello,
Nifty might be following the elliott wave pattern.
From the chart, we can see the 1st wave is made of 336 points downmove and 2nd wave was just around 38%, 191 points of upmove.
And after that, we have this big 3rd wave, with a gapdown opening today (18th March 2022), this selling might get over near 17060 or 17000 or 16960. (But my view is it might get over near 17060).
Now from the lows of whatever low it makes in the 3rd wave, we might atleast go up by 190 points (which was made in 2nd wave).But general rule of Elliott states that if 2nd wave is around 38% then 4th might go uptill 50% of 3rd wave. so we can assume , the 4th wave might complete near 17200 or 17250 or 17350, Depending on the lows of the 3rd wave.
After the completion of 4th wave, probably by wednesday, we might continue out downmoves of another atleast 340 points (1st Wave points) atleast.
As of now will check near 17060 and then 17000.
Will keep on updating this structure if required.
Nifty might be following the elliott wave pattern.
From the chart, we can see the 1st wave is made of 336 points downmove and 2nd wave was just around 38%, 191 points of upmove.
And after that, we have this big 3rd wave, with a gapdown opening today (18th March 2022), this selling might get over near 17060 or 17000 or 16960. (But my view is it might get over near 17060).
Now from the lows of whatever low it makes in the 3rd wave, we might atleast go up by 190 points (which was made in 2nd wave).But general rule of Elliott states that if 2nd wave is around 38% then 4th might go uptill 50% of 3rd wave. so we can assume , the 4th wave might complete near 17200 or 17250 or 17350, Depending on the lows of the 3rd wave.
After the completion of 4th wave, probably by wednesday, we might continue out downmoves of another atleast 340 points (1st Wave points) atleast.
As of now will check near 17060 and then 17000.
Will keep on updating this structure if required.
Comment:
4th Wave went uptill 17269 and from there it was atleast 340 points of down move....but now looking at this current sturcture..we can expect another 100 points of downside...so 17270 (4th Wave High) - 450 (Points) ...gives a target around 16800-16750 by tomorrow.