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NIFTY: Price Action Perspective and wave analysis

free-nse-stock-nifty-daily-chart

Daily Chart
Price Action perspective:

free-nse-stock-nifty-daily-chart

After the accomplishment of the lower-low, nifty surged and reached near the previous lower-high point at 17639.

As mentioned in down theory, An upward trend is a series of successively higher highs and higher lows.
Price is weak below 17639, which is a previous lower high.
If nifty creates a swing failure, supply will exceed the demand.

Daily Chart:
Elliott Wave Perspective:

free-nifty-daily-tips-chart

Nifty has completed the corrective wave A of triple zigzag (Z)
If the price gives a consecutive close above (X), it suggests that corrective structure has occurred and an impulsive wave started.

However, the price has given three moves after wave A.
Sub-wave a traveled 100% of wave B.
The price is weak below 17639 and strong above 17650.

In my previous idea, I have mentioned the price can be out of the channel. Sellers can enter after a rejection of the candle on a higher timeframe.
Safe traders can enter when the price enters into the downtrend channel.

Today’s close will initiate positional views.

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