Nifty - Elliot Wave Update - Close to bottom, for Now!
I am considering the entire correction from October highs as a triangle - ABCDE.
We are now in E and E seems to be forming an Ending Diagonal - Another ABCDE.
The chart shared shows internals of the Wave E.
I have marked two alternates - Red and Orange, and in both cases we are close to end of correction which should end anywhere between 22500-600.
If 22500 breaks we will have to update the counts and consider a dip to 22000.
The bottom that gets formed could either be completion of correcting in Weekly Wave 4 in which case we head to ATH i.e. +28k in Nifty OR it could be just first leg of correction that ends in W and we go up in an X, in which case I expect 24-24.5k.
In both cases a good move up should unfold - Expecting March to be a green month and most likely April to follow through upwards - So, gunning for 2 green months.
A few factors getting aligned - US market seems topping out in Weekly Wave 3 and so does USDINR - both should favor some flow of funds towards a better valued Indian markets - and hence a +ve fund flow from FIIs should help bump up the markets, along with liquidity getting infused by RBI.
So, time to start putting in the lump-sums :)
We are now in E and E seems to be forming an Ending Diagonal - Another ABCDE.
The chart shared shows internals of the Wave E.
I have marked two alternates - Red and Orange, and in both cases we are close to end of correction which should end anywhere between 22500-600.
If 22500 breaks we will have to update the counts and consider a dip to 22000.
The bottom that gets formed could either be completion of correcting in Weekly Wave 4 in which case we head to ATH i.e. +28k in Nifty OR it could be just first leg of correction that ends in W and we go up in an X, in which case I expect 24-24.5k.
In both cases a good move up should unfold - Expecting March to be a green month and most likely April to follow through upwards - So, gunning for 2 green months.
A few factors getting aligned - US market seems topping out in Weekly Wave 3 and so does USDINR - both should favor some flow of funds towards a better valued Indian markets - and hence a +ve fund flow from FIIs should help bump up the markets, along with liquidity getting infused by RBI.
So, time to start putting in the lump-sums :)
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.