Nifty Elliott wave labeling of daily chart shows that a possible fifth wave completion at yesterday's high of 5350.05. This also coincides with the daily channel top. However hourly and 5 min chart analysis shows a slightly different picture. Yesterday's high could be a possible 3rd wave completion. A 4th wave correction and 5th wave rise is still pending.
The second view is also supported with the Fibonacci relation between wave a & wave c as described below:
If we take 5246.25 as the end of wave a then possible target for wave c where a=c could be
If we take 5240.45 as the end of wave a then possible target for wave c where a=c could be
When we review the 35 D or 9 RSI patterns for the current move then we are still to observe a meaningful negative divergence. Yesterday's high of 5350.05 created a new high in the 35D chart. Which is normally observed at the end of wave 3. Which again supports the above view that wave 4 & wave 5 are still pending.
If the current correction is wave 4 then it may end somewhere near the 4th wave of one lesser degree, i.e near 5274 range.
Let us observe how the market unfolds today. Also watch the pivot table for various fibonacci levels which can reveal where the market is heading and which wave is getting corrected currently.
Nifty Elliott wave analysis of daily chart:
The second view is also supported with the Fibonacci relation between wave a & wave c as described below:
If we take 5246.25 as the end of wave a then possible target for wave c where a=c could be
|
a
|
5032.8
|
5246.25
|
213.45
|
|
|
b
|
5246.25
|
5164.8
|
81.45
|
38.16%
|
|
c
|
5164.8
|
5378.25
|
|
|
|
|
|
a=c
|
|
|
If we take 5240.45 as the end of wave a then possible target for wave c where a=c could be
|
a
|
5032.8
|
5240.45
|
207.65
|
|
|
b
|
5240.45
|
5164.8
|
75.65
|
36.43%
|
|
c
|
5164.8
|
5372.45
|
|
|
|
|
|
a=c
|
|
|
When we review the 35 D or 9 RSI patterns for the current move then we are still to observe a meaningful negative divergence. Yesterday's high of 5350.05 created a new high in the 35D chart. Which is normally observed at the end of wave 3. Which again supports the above view that wave 4 & wave 5 are still pending.
If the current correction is wave 4 then it may end somewhere near the 4th wave of one lesser degree, i.e near 5274 range.
Let us observe how the market unfolds today. Also watch the pivot table for various fibonacci levels which can reveal where the market is heading and which wave is getting corrected currently.
Nifty Elliott wave analysis of daily chart:
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