Addressing from the weekly Nifty elliott wave technical analysis, we now have a knowledge about what is happening in the 4th wave and now lets get deep, to the very recent unfoldings to predict & forecast the near term future. As it is analysed to be a triple stage expansion within the wave 4 decline now its the time for (x) rally ( Interim) to take place and the expected levels of the target for the (x) wave would be primarily @ 7425 ( 50 % FIBO Retracement levels for the wave (y) decline and the strong resistance will lie in the areas of 7556 (61.8 % FIBO R levels) and the important take away from this level is that this area coincides with the dynamic support (FIBO) and static support (visible supports). Therefore we can expect this to be the very strong barrier for any further upward movement and from thereon the final leg of the final movement proceeds wave (z) to finish the fourth wave decline @ 61.8% of the previous wave 3 rally which will be 6684 levels.
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