Dear Trader this is Nifty Eliott Wave analysis.
I tried my best to make it accurate as much as possible. You can also check my earlier Eliott wave analysis for Nifty which is almost correct & now I am happy to publish another alaysis.
Trade and Enjoy
As you are seeing on chart wave ((1)) has been completed and currently we are in wave ((2)) which is Developing in form of (W), (X), (Y).
If this movement sustain than in future we will see a wave ((3)).
So this is a good place to invest in reliance for delivery.
This prediction will take time.......may be few month
BUY 58 TO 56.589
Reason For Buying This Script :
In weekly frame it is forming the Elliott wave it is having good potential to move upward. so we can go for buy.
Now it is in correction mode . Use this opportunity and buy at this levels 58 to 56.589.
once it cross 71 and close above 71 in weekly time frame means next target up to 87 .
Buy : 413 to 409
Target : 441 to 449
Reason Buying This Script:
It is travelling in trend line and channel line.
Once it has close above 449 in weekly time frame , with strong bullish candle means then next target up to 478 to 481.
Above this levels are based on weekly time frame it will take so many days to achieve the target. So be patience.
DOWNTREND is started,it will make three waves, 2 waves up & medial wave down as a correction !
Then it has chances to follow the down trend!
This analysis is for EDUCATIONAL & INTELLIGENCE pourpose,trade at your own risk!