Your Elliott Wave analysis suggests that NIFTY is currently completing a complex 4th wave correction, which often involves sideways or volatile moves before the impulsive 5th wave begins. Since Wave 4 tends to be unpredictable, it's crucial to monitor key support and resistance levels to confirm the upcoming 5th wave rally.
Key Observations & Expectations:
Wave 4 Complexity & Volatility:
Wave 4 corrections are often zigzags, flats, or triangles—leading to choppy price action.
Expect sharp up and down swings before NIFTY resumes its uptrend.
Wave 5 Impulse Move:
Once consolidation ends, Wave 5 should break above Wave 3’s high.
Expect higher highs, supported by strong momentum and volume.
Confirmation Levels:
Support: Recent lows from the correction (possible retests).
Resistance: Previous high (Wave 3 top).
A breakout with high volume would confirm Wave 5 initiation.
Trading Strategy:
Avoid aggressive positions in Wave 4 due to its choppy nature.
Look for a breakout above key resistance before entering long positions.
Use tight stop losses if trading within the range.
Key Takeaways:
✅ Current Phase: Wave 4 correction (complex and volatile).
✅ Next Move: Once consolidation ends, Wave 5 will be an impulsive move upward.
✅ Key Levels to Watch:
Support: Recent lows from the correction phase.
Resistance: Previous high (Wave 3 top).
Conclusion:
NIFTY is currently in a volatile phase but preparing for a strong upside move in Wave 5, which is typically the most impulsive leg. A breakout above key resistance will confirm the uptrend, and traders should position accordingly.
👉 Disclaimer: This analysis is purely for technical knowledge purposes only. Before making any trading decisions, consult your financial advisor.
Key Observations & Expectations:
Wave 4 Complexity & Volatility:
Wave 4 corrections are often zigzags, flats, or triangles—leading to choppy price action.
Expect sharp up and down swings before NIFTY resumes its uptrend.
Wave 5 Impulse Move:
Once consolidation ends, Wave 5 should break above Wave 3’s high.
Expect higher highs, supported by strong momentum and volume.
Confirmation Levels:
Support: Recent lows from the correction (possible retests).
Resistance: Previous high (Wave 3 top).
A breakout with high volume would confirm Wave 5 initiation.
Trading Strategy:
Avoid aggressive positions in Wave 4 due to its choppy nature.
Look for a breakout above key resistance before entering long positions.
Use tight stop losses if trading within the range.
Key Takeaways:
✅ Current Phase: Wave 4 correction (complex and volatile).
✅ Next Move: Once consolidation ends, Wave 5 will be an impulsive move upward.
✅ Key Levels to Watch:
Support: Recent lows from the correction phase.
Resistance: Previous high (Wave 3 top).
Conclusion:
NIFTY is currently in a volatile phase but preparing for a strong upside move in Wave 5, which is typically the most impulsive leg. A breakout above key resistance will confirm the uptrend, and traders should position accordingly.
👉 Disclaimer: This analysis is purely for technical knowledge purposes only. Before making any trading decisions, consult your financial advisor.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.