Nifty 50 IndexLong
Nifty next levels. Weekly Time frame.
Actuals
1)On 26th July ( Monthly Expiry for Nifty). Strong short covering rally was witnessed.
2) Market made new high but did not close there yet.
3) Market recently corrected due to Budget related issues but we witnessed bullishness still exists.
Analysis
1) Market witnessed rally from ~7k to ~18k (~10500 - ~11000 points) followed by a complex WXYXZ "triple three" correction before resuming the next rally starting from ~15k to ?
Confluence #1
1) Pitchfork was taken from 2008 low ( A) to 2020 Jan high (B) to 2020 Mar low.
2) Market extended this pitchfork, hence we duplicated same geometrical structure upside to find the end point for market to cool down.
3) Pitchfork market geometry shows the higher end resistance area in 26000 - 26300 range.
Confluence #2
It looks like an ABC wave that should end around ~ 26K ( ~10500 - ~11000 points) rally similar to wave A starting from ~7k to ~18k.
Wave A (rally) ~7k to ~18k , Wave B (correction ) ~18k to ~15k , Wave C ( rally) ~15k to ~26K.
Time
Used Fib time based extension . The rally started from Jan 23rd 2024 and showing a .382% extension to end on Aug 26th 2024 . Exactly 1 month from now and a definite profit booking area before resuming trend upside.
1)On 26th July ( Monthly Expiry for Nifty). Strong short covering rally was witnessed.
2) Market made new high but did not close there yet.
3) Market recently corrected due to Budget related issues but we witnessed bullishness still exists.
Analysis
1) Market witnessed rally from ~7k to ~18k (~10500 - ~11000 points) followed by a complex WXYXZ "triple three" correction before resuming the next rally starting from ~15k to ?
Confluence #1
1) Pitchfork was taken from 2008 low ( A) to 2020 Jan high (B) to 2020 Mar low.
2) Market extended this pitchfork, hence we duplicated same geometrical structure upside to find the end point for market to cool down.
3) Pitchfork market geometry shows the higher end resistance area in 26000 - 26300 range.
Confluence #2
It looks like an ABC wave that should end around ~ 26K ( ~10500 - ~11000 points) rally similar to wave A starting from ~7k to ~18k.
Wave A (rally) ~7k to ~18k , Wave B (correction ) ~18k to ~15k , Wave C ( rally) ~15k to ~26K.
Time
Used Fib time based extension . The rally started from Jan 23rd 2024 and showing a .382% extension to end on Aug 26th 2024 . Exactly 1 month from now and a definite profit booking area before resuming trend upside.
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