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Trade-Technique
Dec 20, 2022 2:39 PM

NIFTY: wave analysis and prediction on live price. Long

NSE:NIFTY1!240
S&P CNX NIFTY INDEX FUTURESNSE

Description

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Someone new to Wave-Counting might be a little confused. OR a lot confused.

Here's what I'm trying to explain: I have these 3 Correct Wave-Patterns (ABC) that are bullish.



You'll notice in the chart below that another higher price ABC.


An easily can recognize that impulsive sub-waves (1,2,3,4 and 5) of the higher degree of waves A and B.



At this time, Nifty is trying to complete ABC's corrective pattern of wave 4(of the higher degree of wave C). The price looking for a new high.

You can understand this by looking lower TimeFrame of the ABC pattern.




Another reason for the upcoming new high in nifty is that, the measurement of wave A=C.



The validation for this pattern requires more analysis.
Parallel ChannelElliott WaveNeo Wavewaves
Comments
Vimzz
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That sideways consolidation mid November itself is a likely wave 4. If so wave C is over at the December top.
Amique_UK
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why consider corrective patterns only. why not an Impulse. That makes more sense
Trade-Technique
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@Amique_UK, You can see impulsive pattern into corrective pattern which is also mentioned.
Amique_UK
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@Trade-Technique I mean why not count the whole structure from June bottom as 1-2 and i - ii, with wave 3 waiting for ii correction to complete.
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