Nifty Elliott wave analysis for 11th jan 2021 onward is explained in detail.
(v of ED) would be complete above 14275 and maximum range is 14340-14391. And if nifty decline from here below lower wedge line then we have check again for support range and breakeven point in 1hour chart. Kindly look at the daily chart idea also. link is given below
Retracement from 13967-13864 is not even 23% of wave iii that is why there is a point of confusion if wave v is started from 13864 OR wave iv decline is still pending. Overall scenario: (1) If nifty decline from here then 13847-13722 is support range and 13722 is trend reversal point. (2) If wave iv is completed at 13864 then 14184-14381 is wave v projection range.
In this daily chart it seems wave (1), (2), (3) and (4) is completed and wave (5) is in progress from 10790. 38% and 61% projection of wave (5) is already achieved so its in extended zone. Maximum level 100% is coming at 15096 which is rare case. From 10790 wave (i), (ii), (iii) and (iv) is completed and projection of wave (v) is coming at 14272-14977 range and...
Nifty 15min chart suggest from 13402 wave 1, 2, 3 are completed at 13597, 13447, and 13773 respectively. If wave 4 also completed at 13658 then wave 5 projection range is 13800-13887 but if wave 4 is still running then 13696-13648 is support range in which wave 4 can complete and then 5 will start. Nifty will be negative if trades below 13648. Overall 13800-13887...
Nifty already achieved its minimum projection. Now we need to see the bounce from 13402 to find out reversal range.
In this 30min chart wave v started from 12790 is in progress in which wave (i), (ii), (iii) and (iv) is may be completed and wave (v) has started from 13402. 13704-13890 is projection range for wave (v). 13422-13325 is an immediate support range which was retracement range of wave (iv). Nifty negative only below 13325.
In this 2hour chart from 10790 wave (a or i) and wave (b or ii) is completed at 12025 and 11535 respectively. In (c or iii) wave i, ii, iii and iv is completed and wave v is also achieved its minimum projection of 38% and 61% is coming at 13785. 13097-12798 is an immediate support range as of now.
Wave (5) started from 10790 is looks like a three wave move as of now. wave (c or iii) started from 11535 achieved 100% and 123% while 161% is coming at 13534. 12868-12613 is immediate support range and nifty is positive as long as trading above 12613. Nifty turns negative only if trades below 12613.
In hourly chart it seems wave (c or iii) is still running from 11535 and from 11535 wave (i), (ii) and (iii) is completed at 11921, 11756 and 13146 respectively and wave (iv) is completed at 12790 or still running and wave (v) is still pending. So overall nifty is positive as long as trading above 12530. projection of wave (v) is coming at 13405-13785 range from 12790.
In this 15min chart wave (iii) started from 11756 not even retraced 23% yet so may be wave (iv) is running and wave (v) will start on upside after completion of wave (iv). 12678-12502 is immediate support range and nifty if trades below 12502 then only negative.
In this 1hour chart it looks like a three wave move and it can be abc or 123. So nifty is in positive zone as long as trading above 12417 which is 38% retracement level. 12626-12417 is immediate support range and nifty negative only if it trades below 12417.
In this 1hour chart wave started from 11535 is sharp and steep and created gaps so i have given Alternate wave count. If its wave (v) then 100% projection is coming at 12770 and wave (v) above 100% is rare case so if nifty trades above 12770 the we will consider Alt. wave count.
Wave (5) started from 7511 is currently in its 5th wave and 38% is already achieved. 61% is coming at 13437. To find top we have to see wave (5) started from 10790 in lower time frame.
No change in monthly chart posted on 17oct where minimum target was new high is achieved now.
In this 1hour chart it seems wave (i), (ii), (iii) and (iv) is completed at 11305, 11181, 12025 and 11535 respectively. And from 11535 may be wave (v) started and already achieved its 38% projection and almost near to 61% projection. so now we need to be cautious on buy side. The only confusion in this chart is the speed of wave (v) from 11535 is sharp and...
Posted this daily chart idea on 17th oct. and we are near to minimum target. so we need to concentrate on the bounce from 10790 to find out top. In daily chart from 7511 wave (1), (2), (3) and (4) is completed at 9039, 8055, 11794 and 10790 respectively and from 10790 wave (5) is started and projection of wave (5) is coming at 12426-13437.
In this 15 min chart 11649-11720 is an immediate resistance range. Nifty needs to break above 11720 for upside momentum.