Elliott Wave Analysis: Primary Wave Count (Red)
The primary wave structure indicates a completed Wave 4, confirming a corrective phase before a downward impulse begins.
The Wave 4 retracement appears to be near the 38.2% Fibonacci level, which aligns with a standard correction before a continuation downward.
Intermediate Wave Count (Purple)
A smaller intermediate wave count is visible, showing the beginning of a downward movement.
The first Wave 1 (down) is confirmed as the price moves below 22,300, indicating the start of an impulsive decline.
A Wave 2 retracement may have formed, but it seems weak and unable to break back above resistance.
Downside Projection -
If NIFTY sustains below 22,300, it confirms a continued downward move.
Next key support levels:
22,000 – Psychological level & minor support
21,500 – Strong Fibonacci confluence and major demand zone
The final target could be 21,300 if Wave 3 extends significantly downward.
Momentum Confirmation -
The Awesome Oscillator (AO) show a going to confirm bearish crossover.
Volume appears to be increasing on red candles, supporting the downward wave structure.
The failure confirmation marked on the chart strengthens the case for bearish momentum.
Conclusion & Trading Strategy:
Bearish Bias: As long as NIFTY remains below 22,300, expect further downside. Expecting Targets: 22,000 → 21,500 → 21,300.
Disclaimer:
This Elliott Wave analysis is for educational purposes only and should not be considered financial advice. Market conditions can change rapidly, and proper risk management is essential. Always conduct your own analysis and consult with a financial professional before making any trading decisions.
The primary wave structure indicates a completed Wave 4, confirming a corrective phase before a downward impulse begins.
The Wave 4 retracement appears to be near the 38.2% Fibonacci level, which aligns with a standard correction before a continuation downward.
Intermediate Wave Count (Purple)
A smaller intermediate wave count is visible, showing the beginning of a downward movement.
The first Wave 1 (down) is confirmed as the price moves below 22,300, indicating the start of an impulsive decline.
A Wave 2 retracement may have formed, but it seems weak and unable to break back above resistance.
Downside Projection -
If NIFTY sustains below 22,300, it confirms a continued downward move.
Next key support levels:
22,000 – Psychological level & minor support
21,500 – Strong Fibonacci confluence and major demand zone
The final target could be 21,300 if Wave 3 extends significantly downward.
Momentum Confirmation -
The Awesome Oscillator (AO) show a going to confirm bearish crossover.
Volume appears to be increasing on red candles, supporting the downward wave structure.
The failure confirmation marked on the chart strengthens the case for bearish momentum.
Conclusion & Trading Strategy:
Bearish Bias: As long as NIFTY remains below 22,300, expect further downside. Expecting Targets: 22,000 → 21,500 → 21,300.
Disclaimer:
This Elliott Wave analysis is for educational purposes only and should not be considered financial advice. Market conditions can change rapidly, and proper risk management is essential. Always conduct your own analysis and consult with a financial professional before making any trading decisions.
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.