Potential Nifty Top With Fibonacci and Elliot Wave Theory
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Technical analysis provided on the chart is solely the personal views of my research.
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Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
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Plotted Elliot Waves on Nifty Monthly Chart so lets find out potential top
1. Nifty Top Based on Elliot Wave Theory where Wave 1 = Wave 5
a. Consider Wave 1 start from 279 which is lifetime low of Nifty then wave 5 should 13589.2
Where wave 1 height is 6078.1 + 7511.1(low of Wave 4) = 13589.2
b. Consider Wave 1 start from 0 then Nifty wave 5 top should be 13868.2
Where Wave 1 height is 6357.1 + 7511.1(low of Wave 4) = 13868.2
2. Nifty Top Based on Elliot Waves and Fibonacci extension where Wave 5 is equal to 0.618 of Wave 3 which is 13800.95.
The next Fibonacci extension would be 0.786 which is 15510.8 which is less likely to happen.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis. Details in description.
-------(((((Please LIKE & Donate Coins to support my analysis)))))-------
Plotted Elliot Waves on Nifty Monthly Chart so lets find out potential top
1. Nifty Top Based on Elliot Wave Theory where Wave 1 = Wave 5
a. Consider Wave 1 start from 279 which is lifetime low of Nifty then wave 5 should 13589.2
Where wave 1 height is 6078.1 + 7511.1(low of Wave 4) = 13589.2
b. Consider Wave 1 start from 0 then Nifty wave 5 top should be 13868.2
Where Wave 1 height is 6357.1 + 7511.1(low of Wave 4) = 13868.2
2. Nifty Top Based on Elliot Waves and Fibonacci extension where Wave 5 is equal to 0.618 of Wave 3 which is 13800.95.
The next Fibonacci extension would be 0.786 which is 15510.8 which is less likely to happen.
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