Intraday & Short-term outlook of Nifty 50:
Nifty has completed motive wave (iii) at 17792 .
Wave (iv) is forming and, it can have a common retracement of 38.2% .
The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169
According to the rule of corrective wave, it remains under the channel.
And the impulsive wave...
Nifty closed below 17593 which is immediate breakeven point for downside. In this video I have explained latest Elliott wave counts from daily chart to 5min chart. Kindly watch video for better understanding.
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In this 45min chart impulse wave started from 15513 wave (1), (2), (3) and (4) is completed at 15817, 15746, 16702 and 16376 respectively.
from 16376 61% projection of wave (5) is already achieved and it is in extended zone.
After completion of wave (v) started from 17055 nifty can give sharp decline towards 16376.
looks like nifty is ready to top out expecting a final push up towards my marked prices somewhere around october to complete wave 5 from covid lows which is wave 5 of higher degree from 2008 lows and cycle wave 3 . After that expecting a bottom in my white box around Q3 2022.
In this 15min chart currently nifty is in support range and it will hold this range then wave v targets are given in chart.
And If nifty breaks and trades below 16591 then next support range is coming at 16476-16336 which we have discussed in 30min chart of our recent video ideas.
Nifty made high of 16628, 4 points short from our minimum target which we are discussing since 3Aug. In this video I have discussed important support levels and targets for nifty for this expiry.
Kindly watch video for better understanding.
In this video I have discussed important support level in 15min chart of nifty and If that levels will break then what will be the next support range.
for better understanding kindly watch the video.
In this video I have explained Nifty 2hour chart where nifty took support of 23-38% retracement range and now can bounce for wave v as explain in video. I have also explained 30min in 5min chart for immediate move in nifty. For better understanding kindly watch video.
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If wave iv is completed at 16210 then wave v projection is coming at 16418-16546.
and in case if nifty decline from here then 16207-16118 is support range.
Nifty is negative only if trades below 16118.