Before any discussion , I like to share few facts about mighty Nifty :
1. Nifty is in downtrend since 1 Dec 2022 from level @ 18860
2. After 3.5 months of downfall , finally Nifty found support level @ 16850
3. The support level was retested numerous time unless Rectangular Channel break our was seen on 31.03.2023
4. Since 31.03.2023 , Nifty was in uptrend till level @ 17790.
5. Then came the retracement phase of 0.618 times and dipped upto the level @ 17560
6. Regained the uptrend , however the break out of the SWING OF PREVIOUS break down was yet to be broken out.
7. This break out actually confirms a strong reversal
I applied
The Elliott Wave Theory
Channel Trend and
Fibonacci Extension ,
to predict the future of Nifty and came to conclusion that :
i) Fibonacci Extension : The Trend will rise up to level 1.618 times of previous stretch i.e. @ 18430
ii) Elliott Wave Theory : The trend has entered the 3rd wave and it will be 1.6 times of the first wave . With calculation , the next level comes out to be 18430
iii) Next Important level is 18430
iv) Retracement is predicted after this level of 18430 up to level 18064 ( The resistance recently broken out )
v) After again applying the three theories post second retracement phase
a) Fibonacci Extension : The Trend will rise up to level 1.414 times of previous stretch i.e. @ 18890
b) Elliott Wave Theory : The trend has entered the 5th wave and it is mostly shorter than 3rd and 1.2 times that of third wave . With calculation , the next level comes out to
be 18900
c) The Channel Trend , The Next Supply Zone stands @ 18900
Hence , after studying all those facts I have predicted the Nifty Move for in this quarter and displayed it in the graph. One , if agree with me , may plan his/her trade accordingly and do not forget to drop a message and boost my study ,if you agree with me OR NEED MORE CLARIFICATION.
Please remember, this analysis is only for education purpose and not trade calls. Please study , do your own analysis and trade at your own risk.
Good Luck !!!
1. Nifty is in downtrend since 1 Dec 2022 from level @ 18860
2. After 3.5 months of downfall , finally Nifty found support level @ 16850
3. The support level was retested numerous time unless Rectangular Channel break our was seen on 31.03.2023
4. Since 31.03.2023 , Nifty was in uptrend till level @ 17790.
5. Then came the retracement phase of 0.618 times and dipped upto the level @ 17560
6. Regained the uptrend , however the break out of the SWING OF PREVIOUS break down was yet to be broken out.
7. This break out actually confirms a strong reversal
I applied
The Elliott Wave Theory
Channel Trend and
Fibonacci Extension ,
to predict the future of Nifty and came to conclusion that :
i) Fibonacci Extension : The Trend will rise up to level 1.618 times of previous stretch i.e. @ 18430
ii) Elliott Wave Theory : The trend has entered the 3rd wave and it will be 1.6 times of the first wave . With calculation , the next level comes out to be 18430
iii) Next Important level is 18430
iv) Retracement is predicted after this level of 18430 up to level 18064 ( The resistance recently broken out )
v) After again applying the three theories post second retracement phase
a) Fibonacci Extension : The Trend will rise up to level 1.414 times of previous stretch i.e. @ 18890
b) Elliott Wave Theory : The trend has entered the 5th wave and it is mostly shorter than 3rd and 1.2 times that of third wave . With calculation , the next level comes out to
be 18900
c) The Channel Trend , The Next Supply Zone stands @ 18900
Hence , after studying all those facts I have predicted the Nifty Move for in this quarter and displayed it in the graph. One , if agree with me , may plan his/her trade accordingly and do not forget to drop a message and boost my study ,if you agree with me OR NEED MORE CLARIFICATION.
Please remember, this analysis is only for education purpose and not trade calls. Please study , do your own analysis and trade at your own risk.
Good Luck !!!
Nota
Match the Nifty Movement with the one, I predicted 15 days ago and boost my study if you like the analysis.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.