Bull Run Over? Will Nifty Return to 19K? | Nifty50 Wave Analysis
Wave has already shared the Nifty wave counting (2020-24) earlier. Please refer to the following links:
Nifty Elliott Wave Analysis 2020-24 With Subordinates Counting
Strong Wave 5th is Happening: Nifty Wave Analysis in DTF
The big wave 5th of the impulse, which started from the 2020 COVID bottom, has hit 261.8%, and we have to go for a degree correction.
Three possibilities:
1. Rally Continues: Wave 5th can go in extension further if Nifty can sustain weekly candles above 24,127. It can hit 26,000, but the possibilities are very low due to many factors like divergences, Ichimoku gaps, Yearly CPR etc.
2. Time-wise Correction: Nifty can stay in a big range (4,000-5,000 points) for one or two years.
Who can benefit from this? Option sellers, for sure.
3. Price-wise Correction: Nifty can see a sharp fall to the demand zones we mentioned.
Who can benefit from this? Option buyers, directional options and future sellers.
Note: Edge is compulsory for any trades to avoid unexpected events since it's going to be a positional trade.
Entry Points:
Current Market Price is 24,302, and a 1-hour candle close below 24,170 is our short entry.
Stop Loss:
The safest SL is 24,610, but if this SL is too big for swing/intraday traders, they can keep the stop loss above 24,450.
Targets:
We have mentioned three demand zones in the chart based on Fibonacci retracement:
First Demand Zone: 22,000-22,500
Second Demand Zone: 20,030-20,960
Third Demand Zone: 18,000-18,500
Nifty Elliott Wave Analysis 2020-24 With Subordinates Counting
Strong Wave 5th is Happening: Nifty Wave Analysis in DTF
The big wave 5th of the impulse, which started from the 2020 COVID bottom, has hit 261.8%, and we have to go for a degree correction.
Three possibilities:
1. Rally Continues: Wave 5th can go in extension further if Nifty can sustain weekly candles above 24,127. It can hit 26,000, but the possibilities are very low due to many factors like divergences, Ichimoku gaps, Yearly CPR etc.
2. Time-wise Correction: Nifty can stay in a big range (4,000-5,000 points) for one or two years.
Who can benefit from this? Option sellers, for sure.
3. Price-wise Correction: Nifty can see a sharp fall to the demand zones we mentioned.
Who can benefit from this? Option buyers, directional options and future sellers.
Note: Edge is compulsory for any trades to avoid unexpected events since it's going to be a positional trade.
Entry Points:
Current Market Price is 24,302, and a 1-hour candle close below 24,170 is our short entry.
Stop Loss:
The safest SL is 24,610, but if this SL is too big for swing/intraday traders, they can keep the stop loss above 24,450.
Targets:
We have mentioned three demand zones in the chart based on Fibonacci retracement:
First Demand Zone: 22,000-22,500
Second Demand Zone: 20,030-20,960
Third Demand Zone: 18,000-18,500
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