Elliott Wave: Nifty Cash 5796 Forecasting:
Large Pattern Unfold: # No change since last update #
Major corrective phase will form in Flat or Triangle patterns. Corrective major Wave 'b Upside is ON. Wave’ b is retraces upside to 86.4% of wave ‘a. Major wave’ a was in complex pattern and wave’ b also in complex patterns. Wave' b is likely in Zigzag pattern internally. To conclude, major wave’ b to complete, the minimum correction of major wave ‘c should be 38.2% of Wave’ a, from the top of wave’ b. Conclusion is that wave' c will be the failure one and will not retrace the entire wave' b.
Medium Pattern Unfold: # No change since last update #
Inside Zigzag pattern, Intermediate Wave' b seen Double -Three combination pattern. Intermediate wave’ b is about to end (Last pattern is On Running Flat or a Triangle).
Small Internal Patterns:
Inside Double -Three combination patterns, Nifty moving in small wave’ b of 2nd pattern (Last pattern is On, Running Flat or a Triangle). Still, Wave ‘b moved 161% of wave’ a. After small wave’ b complete, small wave’ c will start downside. To conclude wave ‘c, its must have min 38.2% of wave’ a.
Quick Elliott Wave Views: Short term: # No change since last update #
Small Wave ‘b is still ON.
Quick Mechanical Outlooks: Nifty Cash 5796
Yesterday, Nifty touched high 5838 and closed at 5796 levels. Some sell off pressure seen yesterday at higher level. Mechanically, Nifty is still in a +ve bias. Nifty will be negative if fall below 5735 level and close below.
Global cue is in sideway, so Nifty likely to open sideway. Today, sell pressure may comes to markets, buyer should careful about long positions. Yesterday low will be the crucial one, if it break then be careful about long side. Buyer, hold Nifty with SL 5735. Short seller can wait for better rise. Short seller can short only below 5740 level with SL of today’s high.
Resistance: 5835 / 5860 / 5910.
Support: 5770 / 5740 / 5680.
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