I mentioned in my previous idea that the price has bearish sentiments, but it can go up to 16200, which is a strong resistance level.
Click Here: IS NIFTY PREPARING FOR 14800?
After making a low of 15202, nifty has given a sharp price rise. Nifty has accomplished corrective wave B at 15513, and we are now in wave C. Wave c has traveled a distance up to 100% of wave A. Hence, Wave A = Wave C at 16246.30.
According to the Elliott wave principle, if the price breaks the lower band of the ending diagonal, traders can trade for the following targets: 16072 – 15941 – 15840.
Please note that this setup can occur only after the breakdown of the lower trend line of the diagonal. If nifty breaks the upper band of the channel, Price can rise up to 16600. our critical reversal range will be 16449 – 16610.
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Wow this is a really nice chart and analysis! Well done!
I guess we have a similar view on Nifty & Bank Nifty.
Great technical insight
Good luck!
Definitely on a great Wave chart brother