Nifty elliott wave analysis
Updated
As per long term elliott wave analysis (In red line) Nifty is in Deep correction and currently wave C is unwinding
The first 2 waves of wave C (In blue lines) are done and NIFTY is headed for a sharper wave 3 decline
as per fib Extensions - probable Targets of NIFTY on down side are 8700 and 8211
Post 8211 - Nifty would take a pause and would then continue the journey downwards to test 7500
Most of the third waves reach 1.618 Fib ratio and hence 8211 is a strong target
Timeline for nifty to test lows is by May end.
Learning
1. Higher potential on the short side
2. Perfect time to get out of all longs
3. Do not go on the long side till the wave C is completed.
*Above views are for educational purposes only and in no view am i recommending to trade. Kindly consult your financial advisor before taking any trades.
The first 2 waves of wave C (In blue lines) are done and NIFTY is headed for a sharper wave 3 decline
as per fib Extensions - probable Targets of NIFTY on down side are 8700 and 8211
Post 8211 - Nifty would take a pause and would then continue the journey downwards to test 7500
Most of the third waves reach 1.618 Fib ratio and hence 8211 is a strong target
Timeline for nifty to test lows is by May end.
Learning
1. Higher potential on the short side
2. Perfect time to get out of all longs
3. Do not go on the long side till the wave C is completed.
*Above views are for educational purposes only and in no view am i recommending to trade. Kindly consult your financial advisor before taking any trades.
Note
Eliiott wave counts have changed due to the announcement and wave 2 of the wave c retraced higher. The targets have revised with target 1 as 8890 and target 2 as 8480Would be posting charts shortly
Note
8811 and 8333 are breather points for niftyeasy target - 8811 on short side
Second target 8333
Nifty would test 7500 levels again - suggest to stay put
Note
As predicted - nifty is taking a breather at 8890 ( revised target 1 reached ) 😊 thats the power of elliott wavess.Second breather would be at 8480
Suggesting to stay PUT - avoid any longs as the third waves are ruthless
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