Elliott Wave and Fibonacci Analysis of Nifty- as Discussed in the earlier update on Nifty Elliott Wave and Fibonacci analysis,the abc on the downside till 8000 was a 3 wave abc subdivision (to read the Previous Report, click here). Which was making a case for a Flat or a Triangle, and suggesting the upmove till 8680 in 3 waves, the present upmove till 8490 which we have seen till now could only be the wave ‘a’ of the larger (B)wave on the upside. Now, it seems that wave A is over on the upside, wave B in 3 waves must unfold on the downside, which can get supports at 8240 and 8185 areas. After, which a final C wave must follow completing the (B) wave.
As per the structure unfolding till now, possibility of a Flat or Triangle are open, (low of 8000 must hold for that), and if it holds and we reverse from the above mentioned fib support zones we may reach the completion of (B) wave discussed above (which has high likelihood of reaching 8680).
Now, Lets try to assess the ending of the Wave B on the downside, which is in action. More levels may unfold if these are broken and entire wave count might have to be changed in the low of 8000 is broken and get it adjusted to a leading diagonal pattern. But for right now we must assess the levels for the wave B.
Nifty Support Levels: What is making the 8240-45 as the immediate support? What is making the 8240-45 as the immediate support?
– Fibonacci levels are overlapping on each other.
– Many other levels also lie there, which are not being displayed.
– Channel is also coming to support that level.
– The angle of the decline in also very favorable to reach this level.
Nifty may stop here, if not then, next level of 8185, will again give strong support coz of the reasons mentioned for 8240-45 level.
Nifty Time Analysis: The full abc correction on the downside from 9100 till 8000 took 39 trading days and this must be countered by the upside move for atleast 38% of the time. Ideal time would be 50% to 62%. The upside so far has not met the ideal minimum requirement of 38%, which also suggests more upside or after this wave B on the downside in over.
“These are just my personal views based on Elliott waves and Fibonacci Price and Time levels and the purpose in purely educational”