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NIFTY FUT – Elliott Wave Projection

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Is NSE NIFTY Poised for a Bullish Breakout?

Free nse nifty chart calls

Timeframe: 2H

The NSE NIFTY has completed a corrective wave (2), with this wave retracing 100% of wave (1) at 17015. The 3rd wave was a power-extended wave with a 2.618% retracement at 17905. Currently, the price has broken down to the 20 EMA and is moving towards the 50 EMA, while the ATR of the price is 71, and an increase in indicators suggests a steep fall for wave (4).

At present, the price is forming a corrective wave (4), with the common retracement of this wave being 38.2% at 17525. Furthermore, 17560 is a strong support level for the price and may work as a reversal point. Generally, the steeper the formation, the more likely it is to reverse.

Safe traders can only enter after the breakout of wave (3). There is a potential for the price to reach wave (5) up to 1.618% of reverse Fibonacci at 18100, and a 61.8% Fibonacci retracement of wave 1 at 18200, and 18300 based on current market conditions.

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Mr.Guru(s) is a team of stock market certified technical and research analysts with over 20 years of experience. They are regular guests on popular online channels and contribute articles to several financial publications. Their insights and advice are respected by investors worldwide. With their collective knowledge and expertise, they have a proven track record of successfully predicting market movements and identifying profitable opportunities.

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5 Comments

  1. I must say, your accuracy in predicting NIFTY movements and analyzing price action using Fibonacci is truly exceptional. Keep up the excellent work!

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