Possible Elliott Wave Analysis - Long Term Nifty Chart
As per my analysis Nifty is currently trading in wave 4 of 3 of 3 which means Nifty have a long way to go higher to complete the 5 wave structure. The 23.6 and 38.2 fibo retracement levels of wave 3 of 3 of 3(4520-11170) comes at 9600 and 8600(8600 is also a trend channel support), ideally wave 4 should find a bottom in between those 2 levels. If we project wave A (11170-10275) then the common wave C targets comes at 9736 and 9183( 1x and 1.618x wave A projections). If we project the wave targets for wave C using the internal wave count then again we arrive at levels closer to 9200/9000 as the levels where we could form a bottom before moving higher again.Watch out for 9700/9600 zone and 9200/9000 zone as these two zones could provide ideal buying opportunities for long term investors. If Nifty indeed bottoms out at 9200 as expected then the wave 5 of 3 of 3 could take Nifty towards anywhere between 12,600 to 16200 depending on the fibo extension of wave 5.
Please consult your financial advisers before taking any decisions.
Good Luck Traders !!!
Please consult your financial advisers before taking any decisions.
Good Luck Traders !!!
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