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EWT – NSE NIFTY Bullish Scenario

Free nse nifty chart calls

Did you check the previous wave analysis where we predicted a correction to wave 4?
Click here: NIFTY: Wave Projection Suggests A New High But…

Free nse nifty chart calls

Timeframe: Daily

Price has completed the corrective wave (4), and started forming an impulsive wave (5). If we look at the sub-waves of the impulsive wave (5), you may notice that wave 3 of wave (5) is currently forming.

On the other hand, Nifty has broken out 12 months old the weekly resistance line and started marching to a new high. Price can face resistance at 18096, a cluster of wave (x), (3), and wave B.

According to Elliott wave, the impulsive wave (5) can start after the breakout of sub-wave B of a lower degree. If the price sustains above wave B, traders can expect the following targets for wave (5): 18215 – 18340 – 18479+.

  • Support levels : 17702 & 17504 are the support levels for swing traders.
  • Invalidation: Wave 4 can never enter the price territory of wave 1.
  • Resistance levels: 18096, 18346, and 18604 are favorable resistances.

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