Nifty did a dive yesterday till 5542 range. This mostly completes the wave 4 [or a minor dip may be waiting till 5520 range in wave 5 of wave c of wave 4 down]. 19th September move was a triangle in wave b of wave 4. It was very tricky and if spotted properly would have given a handsome profit. I have given the Elliott wave labeling of it in the 5 min chart below.
On the daily chart I have given an alternative label for the current movement. It is very interesting and projects a very bullish outlook till the year end or some where near the mid or end of November. It is self explanatory in the below chart. As per this , the current move up can still be viewed as an ending diagonal with mostly the outer boundaries running like parallel lines with a minor convergence. Most important aspect is the internal structure or the sub waves fitting like text book 3-3-3-3-3 at least until the wave c [blue].
In the same chart I have given the alternate count showing it purely as an impulsive move numbered 1-2-3-4-5.
In either case it may appear like a bullish outlook up and until end of this year reaching the zone of 5900 - 6000.
Nifty Elliott wave analysis of daily chart:
Nifty Elliott wave analysis of hourly chart:
Nifty Elliott wave analysis of 5 min chart:
Nifty 9 RSI and 35 D on hourly chart:
9 RSI Oscillator [red colored line] indicates that the market has reached the over sold region. It is yet to trigger an up move by crossing over its trigger line. If market moves a little up today morning, then it can trigger the up move.
On the daily chart I have given an alternative label for the current movement. It is very interesting and projects a very bullish outlook till the year end or some where near the mid or end of November. It is self explanatory in the below chart. As per this , the current move up can still be viewed as an ending diagonal with mostly the outer boundaries running like parallel lines with a minor convergence. Most important aspect is the internal structure or the sub waves fitting like text book 3-3-3-3-3 at least until the wave c [blue].
In the same chart I have given the alternate count showing it purely as an impulsive move numbered 1-2-3-4-5.
In either case it may appear like a bullish outlook up and until end of this year reaching the zone of 5900 - 6000.
Nifty Elliott wave analysis of daily chart:
Nifty 9 RSI and 35 D on hourly chart:
9 RSI Oscillator [red colored line] indicates that the market has reached the over sold region. It is yet to trigger an up move by crossing over its trigger line. If market moves a little up today morning, then it can trigger the up move.
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