Nifty did not make an impulsive thrust upwards as expected. We need to think of the alternative wave counts which may be suggested by the market at this stage. However the formation is not very clear to me. Hence I have furnished two options in the hourly charts. We shall wait and watch the developments today to get a clear idea in the 5 min chart and provide further update as and when it becomes clear.
In one of the alternative we have a bullish development is underway. However in the other one we have a very bearish development expected today.
One very important development to be noted is the negative divergence observed in the hourly 9 RSI and 35 D as shown in the last chart. This is very bearish at least for the very short term. [It might have been completed on friday late evening as well!]
Nifty Elliott Wave labeling on daily chart:
Nifty Elliott Wave labeling on hourly chart:
Option 1:
Option 2:
Nifty Elliott Wave labeling on 5 min chart:
Nifty hourly chart with 9 RSI and 35 D:
In one of the alternative we have a bullish development is underway. However in the other one we have a very bearish development expected today.
One very important development to be noted is the negative divergence observed in the hourly 9 RSI and 35 D as shown in the last chart. This is very bearish at least for the very short term. [It might have been completed on friday late evening as well!]
Nifty Elliott Wave labeling on daily chart:
Option 1:
Option 2:
Nifty Elliott Wave labeling on 5 min chart:
Nifty hourly chart with 9 RSI and 35 D:
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