Since first quarter of 2018, Nifty has been able to make higher highs on 3 occasions including recent (~12k).
A question in mind of most of the investors is whether NIFTY will make higher highs in recent future.
Here is a look at longterm nifty weekly chart.
Elliot wave count for nifty shows possibly Nifty is in wave 3. Third wave is generally the strongest wave or at least not the weakest wave. A move of 9000 + points in nifty since bottom of wave 2 supports the theory of third wave. Signs of end of third wave is not seen yet. The final move towards end of third wave may take Nifty above 13k
A look at the trend line shows that current price level is away from the long term trend line also away from short term trend line. Hence a consolidation may be in near vicinity. First two of the three occasions discussed above where nifty made higher highs were followed by sharp drop in price to 10k level.
This time might follow similar pattern which can result in consolidation and bring price to near trend line.
Long term view is bullish.
A question in mind of most of the investors is whether NIFTY will make higher highs in recent future.
Here is a look at longterm nifty weekly chart.
Elliot wave count for nifty shows possibly Nifty is in wave 3. Third wave is generally the strongest wave or at least not the weakest wave. A move of 9000 + points in nifty since bottom of wave 2 supports the theory of third wave. Signs of end of third wave is not seen yet. The final move towards end of third wave may take Nifty above 13k
A look at the trend line shows that current price level is away from the long term trend line also away from short term trend line. Hence a consolidation may be in near vicinity. First two of the three occasions discussed above where nifty made higher highs were followed by sharp drop in price to 10k level.
This time might follow similar pattern which can result in consolidation and bring price to near trend line.
Long term view is bullish.
Bình luận:
Looks like primary wave 5 of long term wave 3 is complete and we are in corrective wave A of wave 4. We may see a bounce back to 10600 in near future once the panic settles.