NIFTY SPOT CHART ELLIOT WAVE COUNTS

4 kwi 2022

NIFTY spot chart is showing good impulsive moves, This week's price actions are adding good confidence to the view that a new upward trend has started now.
We should continue higher as long as support near 17003 holds it can head towards 18170 next, and break above 18170 can move towards more north direction like 18761 and more,
Wave counts are suggesting same and gaining confidence along with MACD supporting as same, also RK's Magic indicator is also suggesting to go long,
One more thing is markable that price is closed above 20Week average for the first time since January.
On the way down major support is pegged at 17003 which is recent weekly swing low. Overall looking bullish.

Overall wave structure on weekly chart


current scenario on daily chart


macd positive crossover in weekly chart


macd positive in daily chart


price is closed above 20Week average for the first time since January


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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.