Elliott Wave: Nifty Cash 5980 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 90.4% 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 196.4% of wave’ a, It should not more than 261.8% 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.
Quick Mechanical Outlooks: Nifty Cash 5980
Yesterday, Nifty has strongly moved upside and gained 96 points. Mechanically, Nifty is still in a +ve bias. Nifty will be negative if fall below 5895 level and close below.
Global cue is in sideway to up, so Nifty likely to open higher. Buyer, hold Nifty with rising SL 5895. Short seller can short Nifty if it falls below 5895 level marks with initial SL high of the today.
Resistance: 6030 / 6065 / 6135.
Support: 5930 / 5885 / 5865.
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