Elliott Wave: Nifty Cash 5829 Forecasting:
Large Pattern Unfold:
Major corrective phase will form in Flat or Triangle patterns. Corrective major Wave 'b Upside is ON. Wave’ b is retraces upside to 88.02% 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 182.1% 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
Small Wave ‘b is still ON. After small wave’ b complete, small wave’ c will start downside To conclude small wave ‘c, its must have min 38.2% of wave’ a. If we assume the top of small wave’ b at 5902, then wave ‘c should be at 5675 min and can be down to 5530 and 5290.
Quick Mechanical Outlooks: Nifty Cash 5829
After 9 days rally, Nifty has halted and gives a negative close. Nifty moved up side to 5902 and closed at 5829 levels. Mechanically, Nifty is still in a +ve bias. Nifty will be negative if fall below 5785 level and close below.
Global cue is in positive, so Nifty likely to open higher. Buyer, hold Nifty with SL 5785. Short seller can short only below 5785 level with SL of today high.
Resistance: 5875 / 5920 / 5960.
Support: 5815 / 5785 / 5730 / 5680.
No comments:
Post a Comment