In this session I will be doing Elliott Wave Analysis of Nifty 50 ( An index of Indian Stock Markets ) and will be giving future targets for the same.
Watch this report in video format –
Chart used : Monthly, Candlestick.
Wave 1 : 2252 to 6338
Wave 2 : 6338 to 4531
Wave 3 : In the variation that I will discuss here Wave 3 is still in progression.
And we will look for possible targets for the same.
In this count the 5th of the 3rd is in progression and the worst case scenario would be if it’s a failed 5th.
In that case it should atleast achieve the levels of 8900 – 9119 and that will also serve as target 1.
However in case Nifty’s Wave 3 sustains above 9119 then we should see targets as 9600, 10200 and 11164.
These are the targets for scenario in which Wave 3 is a normal Wave, in case it is extended then we will see much higher levels such as 15000+ but that is something that we will see along the way and not now.
Also if the outlook of US markets specifically S&P 500 comes out to be as discussed in my last report ( Report on S&P 500 ) then we would most certainly see targets above 9119.
Minimum Target : 8900 – 9119
Above 9119 Targets : 9600, 10200 , 11164
If Nifty’s Wave 3 comes out as an extended Wave then even higher levels such as 15000+ are also possible but that we will see later on as the Wave develops.
Hence based on the above deduction I would like to conclude that an upside till the region of 8900 to 9119 should be seen and if things remain in favor of the bulls then even higher targets are possible.
It is also noteworthy that this analysis will be considered incorrect if Nifty comes below the level of 6229.
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