NIFTY... 26000 TARGET IN 2024!

19 kwi

Guys... I am sharing my analysis of Nifty over a longer time frame.

The Elliot waves are marked on the chart. Nifty is currently in the wave 3 of the primary cycle.
This primary cycle runs in smaller intermediate waves.
Wave 1 started on April 2023;
Wave 3 from November 2023;
Expecting wave 4 to end by April 2024, and we can expect wave 5 to begin from May 2024.

So, as per this analysis, we can see a red candle in April month - the wave 4 correction, which is likely to end around 21400 - 21500 levels.

Wave 5, which is likely to begin in May, is likely to last till December 2024, taking nifty to 26000 levels (approximately 26400).

In this, wave 3 is 1.23 times wave 1, and wave 5 is 1.618 times wave 1.

Hopefully we get to witness a 20 - 25% rally in Nifty this year :)

This is only my analysis & remember the market is always RIGHT!

29 wrz

Transakcja zamknięta: osiągnięto wyznaczony cel

The Elliot waves perfectly worked here. I had mentioned 21400 - 21500 as the level for the ending of wave 4, which was seen after the election results.
Wave 5, which started at 21400, continued till 26000 (though I expected a slower rally).
This is the time to be cautious.
A decent correction should be seen in the coming days.
Always trade with appropriate stop-loss.
All the best guys!!