Nifty Detailed Elliot Wave Analysis
Nifty formed Parallel channel inside bigger channel and making smaller candles suggesting upmove exhuasted.
It formed Contracting Triangle at top of trend and didn't break major resistance 11380.
On 14th Aug gave downside breakdown from triangle completing sharp downside of 3rd impulse wave.
Third wave completed as you can see it formed Hammer at 11111 support.
Bounce towards 11208(Fib 0.382)-11223 (resistance) or worst case 11238 (Fib level 0.5) is short opportunity.
Stop loss 11245. If gaps up on Monday 17th Aug and touches 11242-43 then this structure and trade will be invalid.
Target 11075-11055
Non Risky can wait for break of 11111 on 15 min chart for above targets use Stop loss as 11132
Disclaimer: Calculated and plotted values may differ little with actual stock movement. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
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It formed Contracting Triangle at top of trend and didn't break major resistance 11380.
On 14th Aug gave downside breakdown from triangle completing sharp downside of 3rd impulse wave.
Third wave completed as you can see it formed Hammer at 11111 support.
Bounce towards 11208(Fib 0.382)-11223 (resistance) or worst case 11238 (Fib level 0.5) is short opportunity.
Stop loss 11245. If gaps up on Monday 17th Aug and touches 11242-43 then this structure and trade will be invalid.
Target 11075-11055
Non Risky can wait for break of 11111 on 15 min chart for above targets use Stop loss as 11132
Disclaimer: Calculated and plotted values may differ little with actual stock movement. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
Please hit like button that will motivate me to do more. You can donate Trading view coins as well. Thanks :)
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