Nifty analysis as per Elliott Wave for June 24
Updated
There are 2 possibilities as per Elliott Wave.
Bearish: If Corrective phase wave C is not completed at 23400 then nifty must be in wave wave(iii) of corrective phase wave C ( which need to form 12345 pattern)
This wave (iii) itself need to form 12345 pattern so with that as of now it is supposed to conclude wave 2 of wave(iii) of wave C - it must not break 23567 + it must come below 23501 and then make higher then 23501 and then must observe some weakness - if so that might be start of wave 3 of wave (iii) of wave C. That must give a run of at least 205+ points that means somewhere around 23300-23333 can be the target area and then after some retracement it must further break the red trendline and go below 23300.
That will conclude wave (iii) of wave C.
See the wave in red color.
If this happens then next there will be wave 4 (with ABC pattern) and 5 (with 12345 pattern) as shown in blue color.
Bullish : If Corrective phase wave C is completed at 23400 then currently nifty is in fresh Elliot wave to make wave with 12345 pattern where it has already completed wave (i) and (ii) and must be in wave (iii)i.e. again 12345 pattern to be formed on upside - look at the wave in green color.
That must be followed by wave iv(ABC pattern) and wave 5(12345 Pattern) taking nifty to new LTH.
For this to happen break above 23587 is needed but chances of happening this seems to be less because Nifty has broken the lower support line of the channel it was following since June 10.
Also Bank nifty analysis also suggest bearish move so if that happens that will also drag nifty with it most likely. Here is the link for bank nifty [in.tradingview.com/chart/BANKNIFTY/8sEWy1S1-Bank-nifty-analysis-as-per-Elliot-WAVE-theory-for-24th-June/]
Bearish: If Corrective phase wave C is not completed at 23400 then nifty must be in wave wave(iii) of corrective phase wave C ( which need to form 12345 pattern)
This wave (iii) itself need to form 12345 pattern so with that as of now it is supposed to conclude wave 2 of wave(iii) of wave C - it must not break 23567 + it must come below 23501 and then make higher then 23501 and then must observe some weakness - if so that might be start of wave 3 of wave (iii) of wave C. That must give a run of at least 205+ points that means somewhere around 23300-23333 can be the target area and then after some retracement it must further break the red trendline and go below 23300.
That will conclude wave (iii) of wave C.
See the wave in red color.
If this happens then next there will be wave 4 (with ABC pattern) and 5 (with 12345 pattern) as shown in blue color.
Bullish : If Corrective phase wave C is completed at 23400 then currently nifty is in fresh Elliot wave to make wave with 12345 pattern where it has already completed wave (i) and (ii) and must be in wave (iii)i.e. again 12345 pattern to be formed on upside - look at the wave in green color.
That must be followed by wave iv(ABC pattern) and wave 5(12345 Pattern) taking nifty to new LTH.
For this to happen break above 23587 is needed but chances of happening this seems to be less because Nifty has broken the lower support line of the channel it was following since June 10.
Also Bank nifty analysis also suggest bearish move so if that happens that will also drag nifty with it most likely. Here is the link for bank nifty [in.tradingview.com/chart/BANKNIFTY/8sEWy1S1-Bank-nifty-analysis-as-per-Elliot-WAVE-theory-for-24th-June/]
Note
please refer the next post which explains the theory a lot better[_in.tradingview.com/chart/NIFTY/Phmt4hL2-Nifty-analysis-as-per-Elliott-Wave-for-June-24/]not able to delete this post - sorry
Note
Bingo : Niftly finally followed the bullish theory, as mentioned I was not sure if wave C was completed or not, it was already done hence nifty actually followed bullish wave pattern drawn there. All the waves as described are formed and nifty made high almost there 23889 - I roughly marked wave high at 23850 in the diagram,.Trade closed: target reached
Cl0sing this idea as target achieved as expected .. :)
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