As per Elliott wave analysis of
daily chart, Nifty is heading high on ‘e’ wave of the diagonal. As we discussed
in yesterday
out of the three options, market seems to follow the option I.
One line of caution – This could
be a Leading diagonal [I believe so as per the internal wave counts.] of an ending diagonal
to complete the bigger ‘C’.
In either case market should
correct soon after reaching the channel line [or a minor over shoot may occur].
This line is rising every hour/day. If it touches the line today then it may be
around 5380-5400 range. Then it may
retrace the entire rise from 4770 to 5370/5400.
Depending on whether it will be
wave 2 [if the current wave is a leading diagonal] or a fresh wave 1 [if the
current wave is an ending diagonal and completes the bigger ‘C’]. In either
case the confirmation of these will be far away [reversing from 5070 or 5000
range or breaking below 4890 range]. Hence trade the market with reasonable
stop loss.
Which form will the market take
now is to be observed.
Nifty Elliott wave analysis for hourly chart:
Nifty Pivot table:
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