Nifty spot cmp 18333
Elliot wave study
Time frame :- 60 mins
Index is trading in wave (V) of 5 the wave as per plot is mentioned in the chart.
But this can also Turn out to be A-B-C-D-E of wave 4.
So till the apex line of triangle is not taken out this would be confusion.
Divergence on RSI is the one tool which indicate that this should be wave 5.
Price action and ending diagonal are still not matching with wave 5, but as per time if we get back to back 3-4 bearish candle , it would turn out to be the final wave of motive phase and soon corrective phase might unfold.
In both scenario, trend line resistance and RSI divergence would play its role at the moment.
Going forward, deciding of wave 4 of corrective phase will be difficult task. so just keep watching.
If motive phase is on verge to mature than the landing will be crash landing.
Elliot wave study
Time frame :- 60 mins
Index is trading in wave (V) of 5 the wave as per plot is mentioned in the chart.
But this can also Turn out to be A-B-C-D-E of wave 4.
So till the apex line of triangle is not taken out this would be confusion.
Divergence on RSI is the one tool which indicate that this should be wave 5.
Price action and ending diagonal are still not matching with wave 5, but as per time if we get back to back 3-4 bearish candle , it would turn out to be the final wave of motive phase and soon corrective phase might unfold.
In both scenario, trend line resistance and RSI divergence would play its role at the moment.
Going forward, deciding of wave 4 of corrective phase will be difficult task. so just keep watching.
If motive phase is on verge to mature than the landing will be crash landing.