Finally on going rally continuation
towards 22231.95 after expected
Short Term correction completion
Technical Analysis,Research & Weekly Outlook
(Dec 04 to Dec 08,2023)
Live Proofs of our 100% accurate Nifty Anlysis
Following Topic was posted 2 weeks before in "Nov 20 to Nov 24,2023 Weekly Outlook":-
"Finally fresh rally above Life Time Top after
expected Short Term correction completion"
Following line was told in above topic:-
"Finally fresh rally will be seen after Short Term correction completion because Impulsive Wave-(v) of Wave-3 formations does mean up moves above life time top."
As was told 100% same happened and Nifty crossed previous life time top(20222.45) on 01-12-2023 and now "new life time top" is at 20291.55
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (01-Dec-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.
2- Impulsive Wave-1 completion at 18096.2 on 15-09-2022.
3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.
4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.
5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.
6- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.
8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.
9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning.
10- Impulsive Wave-(v) of Wave-3 continuation for the last 20 sessions with its recent high and new life time top formations at 20291.55 on 01-12-2023.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C of previous Waves structure completion at this level. Its Wave-3 has been divided into sub-Waves,now impulsive Wave-(v) of Wave-3 continuation with recent high and new life time top formations at 20291.55 on 01-12-2023 as well as no indication of its completion yet on EOD and intraday charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (01-Dec-2023):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone.
2- Stochastic:- %K(5)- 95.64 & %D(3)- 90.17.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
4- MACD(26,12)- 232.97 & EXP(9)- 283.76 & Divergence- -50.79
Conclusions from EOD chart analysis
(Stochastic & MACD)
Position of Short Term indicators are as follows:-
1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in extreme Over bought zone therefore showing first signal of Short Term correction possibility in the coming week.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming uward trend formations and on going Rally continuation possibility.
Nifty-Intra Day Chart Analysis
(01-Dec-2023)
Nifty-Intra Day Chart (01-Dec-2023):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- More than 5 hours trading with mixed Patterns formation between 20232-20291
3- Whole day actual trading between 20183-20291
Conclusions from intra day chart analysis
Although firstly consolidation through up moves with downward corrections after gap up strong opening but after that more than 5 hours trading with mixed Patterns formation between 20232-20291 therefore sustaining beyond this range should be firstly watched in the beginning of next week for:-
1- Short Term correction beginning confirmations below 20232 or
2- On going rally continuation confirmations above 20291.
Conclusions
(After putting all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term trend is up.
Impulsive Wave-(v) of Wave-3 continuation for the last 20 sessions with its recent high and new life time top formations at 20291.55 on 01-12-2023 as well as no indication of its completion yet on EOD and intraday charts.
As per Elliott Wave theory maximum target of On going impulsive Wave-(v) of Wave-3) is at 22231.95. Its calculations are as follows:-
As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3 has gained.
Impulsive Wave-i gained=2912.8 points(18096.2-15183.4)
Impulsive Wave-iii gained=3394.15 points(20222.45-16828.3)
Impulsive Wave-v has gained 1453.75 points till 01-12-2023(20291.55-18837.80)
As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3394.15.
Impulsive Wave-5 started from 18837.80 on 26-10-2023 and it has to gain less than 3394.15 points therefore maximum target of on going impulsive Wave-5 is 22231.95(18837.80+3394.15)
Although MACD indicator is confirming uward trend formations and on going Rally continuation possibility but Short Term indicator Stochastic is showing first signal of Short Term correction possibility in the coming week which may also be seen. Finally on going rally(Impulsive Wave-(v) of Wave-3) will remain continued towards 22231.95 after expected Short Term correction completion which may be sideways also.