Nifty probably in the final sub wave of the currently on going
correction. This could only be a wave 'a' of the correction for the up
move from 5033 to 5444.45. So far it has retraced up to 23%. If the
earlier move was wave 1 then this retracement can be anywhere between
38.2% to 61.8% [though even higher retracement is completely
acceptable]. Which means we may see a bounce now and another sell off
again.
Current down move can be read as an impulse 1-2-3 [it can also be read as an a-b-c as indicated in the hourly chart]. The move down from 5395.35, the high of yesterday looks like an ending diagonal. It do not have the fierceness as expected. Internal wave counts also confirm this 3-3-3-3-3 movement. Only thing to notice is the end of wave 'e' is slightly below the line connecting the end of wave 'a' and wave 'c'. This is mostly possible. Hence I would believe it is an ending diagonal.
Oversold hourly indicators suggest that there could be a minor bounce possible at this stage [or it may take another dip for a new low before commencing the bounce] Check out the 9 RSI and 35 D chart at the end.
If the above observation is to be accepted then we should see a bounce today morning to retrace the move from 5444.45 to 5346.80.
Nifty Elliott Wave analysis on daily chart:
Nifty Elliott Wave analysis on hourly chart:
Nifty Elliott Wave analysis on 5 min chart:
Nifty hourly chart with 9 RSI and 35 D:
Current down move can be read as an impulse 1-2-3 [it can also be read as an a-b-c as indicated in the hourly chart]. The move down from 5395.35, the high of yesterday looks like an ending diagonal. It do not have the fierceness as expected. Internal wave counts also confirm this 3-3-3-3-3 movement. Only thing to notice is the end of wave 'e' is slightly below the line connecting the end of wave 'a' and wave 'c'. This is mostly possible. Hence I would believe it is an ending diagonal.
Oversold hourly indicators suggest that there could be a minor bounce possible at this stage [or it may take another dip for a new low before commencing the bounce] Check out the 9 RSI and 35 D chart at the end.
If the above observation is to be accepted then we should see a bounce today morning to retrace the move from 5444.45 to 5346.80.
|
From
|
To
|
Fall/Rise
|
23.60%
|
38.20%
|
50%
|
61.80%
|
73.60%
|
80%
|
|
5448.45
|
5346.8
|
102
|
5371
|
5386
|
5398
|
5410
|
5422
|
5428
|
|
5032.8
|
5448.45
|
(416)
|
5350
|
5290
|
5241
|
5192
|
5143
|
5116
|
Nifty Elliott Wave analysis on daily chart:
Nifty Elliott Wave analysis on hourly chart:
Nifty hourly chart with 9 RSI and 35 D:
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