Nifty retracted on the control line of the parallel channel C.
If nifty gives channel breakup, we can get our price targets. Or price will be remaining in the channel.
Click here to check the main idea:
If nifty breaks the upper band of the parallel channel, our following targets will be.
Nifty can remain in a parallel channel (PC) before further advance. That can be up to support line of PC (B) or control price.
Nifty is on the corrective structure.
Wave (x) of the double zigzag is near to complete Wave (Y) has the potential to give a short entry for the following targets :
Further information I will update you soon. Stay connected!
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...
From 13596 wave (i), (ii) and (iii) is completed at 13773, 13778 and 15257.
there is a confusion if wave (3) or (5) is completed at 15257 so we have to depend on the breakeven point which is coming at 14692.
So 14908-14692 will be support range as of now but if nifty trades below 14692 then its a negative sign.
(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
Earlier we have considered wave iii at 11072 but now it seems iii has completed at 11305 and wave iv at 11181 which is almost 23% retracement.
And if wave iv is completed at 11181 then projections of wave v is coming at 11377-11499.
we were expecting more than 38% retracement because counted five wave completed at 11305 and looking for wave (b or ii) which can...
In 30min chart immediate resistance range is coming at 10900-10970.
Note:- I am considering internal (i) and (ii) of (3) because expecting bigger decline. if this wave count is wrong then nifty can bounce quickly towards 11260.
Detailed Analysis using Elliot Wave
Nifty from march lows formed Leading diagonal and its abc correction till 8806, fresh 5 step impulse wave was triggered till 11794.
Nifty opened gap down on Friday 04th Aug, Gap was wide and didn't get fill.
It has also broken swing low 11325 so this suggests start of fresh corrective wave.
Nifty to again test 11111 levels...
From 11111 wave (i), (ii), (iii) and (iv) may be completed at 11290 and from 11290 wave (v) may be started and in which i, ii, iii and iv is completed and v might be complete in the range of 11460-11491 range.
As of now decline from 9889-8807 looks a three wave move, but the bounce from 8807 doesn't look impulsive so it can be a corrective wave of 9584-8807 and Nifty can decline again below 8807. 9104-9195-9287 can act as a resistance zones.
In monthly chart decline from 12428 can be wave C of irregular correction(Nifty can bounce again for new high in that case) OR it can be impulse wave A(Nifty can decline again for a new low in that case). 6338 is an invalidation point for this wave count.
From recent high 9889 to 9117 on down side nifty has completed an impulse wave and from 9117 corrective wave may be in progress now and after completion of this corrective wave nifty can decline more than 700 points.