Elliott wave theory on Nifty50 (SHORT FOR SMALL TIME)
Nifty 50 achieved the final target (nearly) as per the target of Expended ending diagonal in the form of ABC wave.
The ABC move was very sharp. 0-2 and 2-4 trend lines breakout clearly visible, but the major 4th wave high is still not broken.
Here i have drawn new 0-B trend line (BLUE COLOR) may decide the further movement in long term.
Lets see the scenarios related with the trend line.
Scenario 1-
If the upcoming wave (may be 4th wave) breaks the 0-B trend line - Bearish control.
-
Scenario 2-
If the upcoming wave (may be 4th wave) respects the 0-B trend line - Bullish control.
******RSI diversion is noticeable******
Disclaimer- I am not SEBI registered analyst, all post for educational purposes, no claim rights reserved, please take advice from your financial advisor before Investing any trade, we are not responsible for any profit or loss.
The ABC move was very sharp. 0-2 and 2-4 trend lines breakout clearly visible, but the major 4th wave high is still not broken.
Here i have drawn new 0-B trend line (BLUE COLOR) may decide the further movement in long term.
Lets see the scenarios related with the trend line.
Scenario 1-
If the upcoming wave (may be 4th wave) breaks the 0-B trend line - Bearish control.
-
Scenario 2-
If the upcoming wave (may be 4th wave) respects the 0-B trend line - Bullish control.
******RSI diversion is noticeable******
Disclaimer- I am not SEBI registered analyst, all post for educational purposes, no claim rights reserved, please take advice from your financial advisor before Investing any trade, we are not responsible for any profit or loss.
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