Nifty Wedge/ Parallel channel Formation Elliott wave Analysis

Niftydirection Updated   
NSE:NIFTY   Nifty 50 Index
Today Nifty opened gap up and invalidated assumption of impulsive down moving Elliott wave.

At gap up 11248 it confirmed since wave 4 touched wave 1 now its forming a wedge or parallel channel.

Where wave 4 should end near 11268 which is 0.618 fib level. Next fib 0.786 11311.
Stop loss 11325
Resistance 11270-85 will be difficult to cross.

Wave 5 should start downside and end near 11055.

Disclaimer: Calculated and plotted values may differ little with actual stock movement. Plotted wave count can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.

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Trade closed: stop reached:
11325 Hit. Analysis invalid


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