NIFTY Research Report 1: Elliott wave & sentiment analysis
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Research report: Elliott wave and sentiment analysis
Wave ((1))
Price has started an impulsive structure on 24 March 2020. It has exceeded the supply pressure by creating demand.
Wave ((1)) formed as a leading diagonal because there was the existence of seller and supply pressure.
All the fundamentals were bearish before this move. So, it was a bit risky to think about a trend change without any proper signal.
Price has made a high of 9989, and the fifth terminating wave completed the wave ((1)). It has started falling downward, and traders thought that price could make another leg down.
Wave ((2))
5th sub-wave has completed the wave ((1)).
Once again, the price hasn't signaled trend change, and the bearish perspective was less risky than the bullish perspective.
Corrective wave 2 formed a sharp correction, but it couldn't break the 50% level, and the price surged.
Price made a higher low.
Wave ((3))
Price broke the high of wave ((1)) at 9989, which has given evidence of an impulsive atmosphere.
The price is going for a new high with heavy demand pressure, which has crushed supply pressure.
Bullish fundamentals and public participants have skyrocketed towards a new high.
Sub-wave of wave ((3))
Sub-wave 1 is an impulse at 1032.
Sub-wave 2 is and sharp correction.
Sub-wave 3 is an impulse with 161.8% Fibonacci Extension.
Sub-wave 4 is deep correction at 10790.
Sub-wave 5 is the power extended wave at 15431.
Wave ((3)) has made a high of 15431, and public participants started booking profit.
Wave ((4))
After creating a high of 15431, buyers got surprising disappointment.
Price has started falling due to short-term bearish sentiments and the profit booking.
Wave ((4)) is a double zigzag pattern w-x-y, which indicates the single correction was not enough to correct the strong impulse move.
It has an alternation of the triangle.
Price has completed corrective wave ((4)) at 14151.
Wave ((5))
After the accomplishment of wave ((5)), the price started a bullish move.
Price broke wave X, which signaled a bullish atmosphere.
Due to surprising disappointment, the price move is not as strong as we have seen in wave ((3)).
sub-wave of wave ((5))
Wave 1 is a five-wave impulse
Wave 2 is a less time-consuming wave.
Wave 3 is a normal extended wave.
Wave 4 is a deep correction triple zigzag (w-x-y-x-z), and broadning wedge.
Wave 5 is forming and has confirmed its bullish move by breaking wave X.
Conclusion:
I have the following reasons to consider the current move as an impulsive wave.
Wave counts without invalidation.
Price broke the X wave of the corrective structure.
Sub-wave 4 of wave ((5)) retraced 61.8% of wave 3. As per rule, the 4th wave can't retrace more than 78.6% of wave 3.
Scenario 1:
Price is on the bullish momentum, but if price breaks down the wave X to take support, we can expect the following levels: 17790-17528-17316.
Scenario 2:
If the price is refusing for a retracement and continuously creating new highs, we price can go for 18600- 18825+
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Research Report 2: Price action analysis
Research Report 3: Multiple time frame analysis using EWT & Price action
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