Greeting traders,

Great News all - We will release weekly updates for NIFTY starting from this week! - Don't forget to bookmark & signup for brains' Forum.

This analysis is a weekly update & it deals with the daily time frame

If you are new this weekly analysis section,

We recommend you to refer to our post, NIFTY CLEAR CUT ELLIOTT WAVE ANALYSIS.

The above mentioned post gives enormous amount of information & gives a better understanding of what is happening in NIFTY. (Video presentation is attached to the analysis).

NIFTY WEEKLY UPDATE -ELLIOTT WAVE ANALYSIS

As you can see in the Chart, the 50% R has been tested & moreover the same is clustered by a set of moving averages (EMA) - 50 & 100 periods.

Finally , for the sake of confirmation - all we can get here is the trend line's angular resistance - note the arrow & that is where the resistance is max - the coincidence spot.

The wave Structure of X2

The wave X1 is so simple & gets completed after testing 50% R but the X2 could be complex & it has surpassed 50% R.

Moreover the X2 has been expanding internally in H4 degrees (we don't want to mess this work place with many charts but that's for sure).

MOST IMPORTANTLY THE INTERNAL COUNTS REVEAL THAT THIS PHASE OF CORRECTION IS COMPLETE!

Watch out for the Breach of 7315 Levels.

Conservative traders can take their positions now!

TAKE Positions Accordingly.

The RISK& REWARD remains the same!

To understand the risk, reward & direction of the asset,

please refer to this blog post - NIFTY JAN UPDATE Daily analysis

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