Nifty is heading for a one more
dip near 5170-5150 area before plunging high. The channel support level comes
somewhere near that area.
Nifty Elliott Wave counts shows
that it had completed the ‘B’ on Friday’s high and is heading down in ‘C’. At
one degree above this may complete the ‘b’ of a-b-c. That may still keep the
‘c’ up open for the coming days.
Elliott Wave count of this
correction is detailed in the 5 min chart analysis below.
Elliott wave count for Nifty 5
min chart:
Elliott Wave count suggests
that Nifty is currently forming the ‘C’ in an impulsive move down. So far it
has completed i,ii & iii is subdividing. It may complete with a small
bounce to 5200 range and then a dip to around 5180 range [alternatively it can
straight away dip to around 5185 range to complete v (five) of iii (three).]
This can complete the wave 3 and then wave 4 may bounce to around 5210 or 5200
depending on how much time it takes to form, and then to around 5160-5150 range
to complete the v (five). This may complete the wave ‘C’ of ‘b’. Then market
should be heading high in impulsive manner to complete the ‘c’.
A move above 5217/5225
immediately will invalidate the above count.
Nifty Monthly Elliott Wave analysis:
Nifty Daily Elliott Wave analysis:
Nifty Hourly Elliott Wave analysis:
Nifty 5 min Elliott Wave analysis:
No comments:
Post a Comment