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The present wave patterns are:
fast amplitude (8%): bullish wave 3
moderate amplitude (13%): bullish wave 1
normal amplitude (21%): bearish wave 2
slow amplitude (34%): is undefined!
S&P CNX NIFTY is long term Bearish as the 144 days moving average of 4,681.58 is decreasing. The Relative Strength Index is at 52.60 in the neutral territory. The Relative Momentum Index is at 62.43 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 119.07, in positive
territory; this is a bullish sign. An equally important indicator, the STORSI is at 25.66. This value is in the oversold territory.
Weekly Pivot Point Resistance and Support
The first weekly resistance level is at 4,642.63 while the second resistance level at 4,755.77. The firstweekly support level is at 4,389.63 while the second support level is at 4,249.77.
Additional information not directly related to Elliott's methodology
Today projected High: 4,480.25, the projected Low:4,371.70. The top 21-day Bollinger band is at:4,735.73 while the bottom 21-day Bollinger band is at: 4,065.23.
SUMMRY –
THE ENTIRE RALLY IS 860 POINTS FROM 16TH JULY LOW OF 3790 TILL 12 AUG HIGH OF 4650, THEN VARIOUS FIBONNACY RETRACEMENTS OF 38.2%, 50% & 61.8% WILL FIND NIFTY AT VARIOUS SUPPORT LEVELS OF 4321, 4220 & 4065 RESPECTIVELY (AS GIVEN IN THE CHART BELOW) .
20 DAYS MOVING AVERAGE AROUND 4395
50 DAYS MOVING AVERAGE AROUND 4300 LEVELS
IN ANY CASE A CLOSE BELOW 4363 AND THEN BELOW 4159 WILL SPELL DISASTER FOR NIFTY.
ON THE UPPER SIDE EXPECT NIFTY TO FIND RESISTANCE AROUND 4487 THEN 4545 AND FINALLY AROUND 4577, BREACH OF WHICH CAN PROPEL NIFTY TO TO RESUME THE RELIEF RALLY TOWARDS 4722 OR HIGHER LEVELS.