It is been observed on a hourly chart that the price action was correcting in a flat correction as per the Elliott Waves principles. It is a three waves structures marked as A,B,C. Now, after the completion of the sideway move or a flat correction, the price action moved sharply up to previous resistance levels but failed to break it and then retraces above the C leg, forming a higher low. Now, it is a indicative of prior trend continuation or uptrend.
Now, if Nifty stays above 8900 levels tomorrow then we shall surely see 9000+ levels next week.
In case, it goes beyond the 8900 levels then there will be a change in trend and it may take the price action further down to 8800-8780 levels.
I would appreciate if you could share your views on the above matter and also your analysis on Nifty in coming days. It will help traders to gain knowledge and an idea of the market.
Hi Neeteshji, its been some time since you did a chart on NIFTY. Your last chart in March was bang on target and its been moving up now for a while since it took a major break. Can you please have a look whenever time permits, as i have some thoughts now that its near a crucial top. Thank you.
ShanTrader
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I meant in respect with a Nifty using EWT Analysis, as you have been posting at least a chart based on other analytical tools.
NeeteshJain
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@ShanTrader, Sure, I shall consider it in the next posting. Thanks
nalinakshi
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why you see hourly chart, do you carefully see for trend revesal signal?
NeeteshJain
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@nalinakshi, Yes and also to look for any potential pattern formation. Thanks, Regards
rajesh2467
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now, 3rd wave will perform from Elliot Wave to Election(result) Wave!
rajesh2467
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wonderful EW pattern drawn.
NeeteshJain
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@rajesh2467, I hope you it adds value to your trading experience. Thanks, Regards
vivekn
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You have excellent understanding. I feel nifty may give newer high in this month only. Positionally 8807 area is good support area for nifty. Weakness will be witnessed if it trades below that as per the GANN Angle study...
Regards
NeeteshJain
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@vivekn, Yes, markets are looking strong and positive. It shall go above 9000 levels plus by this month. I appreciate your sharing over GANN angles and studies, Thanks, Regards