Nifty elliot wave analysis
🔹️we are in the 5th wave.
🔹️Possible wave projection for wave 5 is 0.618 to 0.786 of wave 3 (17765 to 17528)
🔹️17100 and above levels will act as strong resistance for 23rd Dec expiry.
🔹️Any bounce to 17100 will get sold into.
🔹️Sharp bounce after wave 5 will confirm the wave completion.
Fun fact - wave 5 is where most retailers short the market and big hands cover their shorts.🙃
🔹️we are in the 5th wave.
🔹️Possible wave projection for wave 5 is 0.618 to 0.786 of wave 3 (17765 to 17528)
🔹️17100 and above levels will act as strong resistance for 23rd Dec expiry.
🔹️Any bounce to 17100 will get sold into.
🔹️Sharp bounce after wave 5 will confirm the wave completion.
Fun fact - wave 5 is where most retailers short the market and big hands cover their shorts.🙃
