Wave-5 Rally continuation towards its maximum target at 18793

Technical Analysis,Research & Weekly 

Outlook(Sep 27 to Oct 01,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (24-Sep-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020

3- Wave-1 gained 4283.20 points  

4- Corrective Wave-2 completion at 10790.20 on 24-09-2020

5- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

6- Wave-3 gained 4641.60 points

7- Corrective Wave-4 completion at 14151.4 on 22-04-2021

8- Impulsive Wave-5 continuation with recent high and new life time top formation at 17947.65 on 24-09-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation in full force with recent high and new life time top formation at 17947.65 on 24-09-2021 and no indication of Wave-5 completion yet on EOD and intraday chartS except Doji Black Candle formation last Friday.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (24-Sep-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 17947.65 on 24-09-2021

2- Stochastic- %K(5) is at 76.00 & %D(3) is at 58.62

3- Stochastic- %K(5) line has intersected %D(3) line upward and both lines are moving towards Over bought zone.

4- Stochastic is showing negative divergence.

5- In MACD- MACD line has intersected Average line downward and its both lines are moving downward in positive zone.

6- MACD is showing negative divergence.

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic %K(5) line has intersected %D(3) line upward and both lines are moving towards Over bought zone therefore indications of some up moves but %K is just below Overbought zone and this indicator is showing negative divergence also hence Short Term Correction may begin after some up moves.

As in MACD both lines are falling in positive zone after MACD line downward intersection of Average line therefore MACD is indicating downward trend formations and its possibility increases also because this indicator is showing negative divergence as well.

 

Conclusions

(After Putting All Studies Together)

All the trends are up and Bullish rally continuation forcefully in the form of Impulsive Wave-5 and no indication of its completion yet on EOD Charts except Over bought Weekly indicators. 

As Short term indicators are showing signals of Short Term correction but after some more up moves and more selling patterns formations therefore let fresh selling firstly develop in next week then Short Term correction beginning will be considered accordingly.

As per above given Waves structure maximum target of Nifty is at 18793.00 and 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-1 gained=4283.20 points(11794.30-7511.10)

Impulsive Wave-3 gained=4641.60 points(15431.80-10790.20)

Impulsive Wave-5 has gained 3796.25 points till 24-09-2021(17947.65-14151.40)

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 4641.60.

Impulsive Wave-5 started from 14151.4 on 22-04-2021 and it has to gain less than 4641.60 points therefore maximum target of on going impulsive Wave-5 is 18793.00(14151.40+4641.60)

As some higher levels good intraday selling was seen therefore Doji Black Candle was formed last Friday hence firstly sustaining beyond last Friday trading range(17819-17947) should be firstly watched in the beginning of next week for immediate rally towards 18793.00 after sustaining above 17947 or Rally after Short term correction after sustaining below 17819. Next supports below 17819 are as follows:-

1- 17360-17411

2- 17280-17305

3- 17213-17270 

  

We posted following topic telling maximum of Nifty at 18793.00 on 07-08-2021 also when previous closing of Nifty was at 16238.20 on 06-08-2021:-

"Impulsive Wave-5 rally towards its maximum target at 18793 after Short Term correction completion"

 Levels will confirm next big moves amid firstly Pull Back rally possibility

Technical Analysis,Research & Weekly Outlook

(Nov 01 to Nov 05,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (29-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion indication after recent high and new life time top formation at 18604.50 on 19-10-2021

7- Short Term correction continuation with recent bottom formations at 17613.10 on 29-10-2021 

Conclusions from EOD chart analysis

(Waves structure)

Following topic of "maximum target of Nifty at 18793.00" were posted:-

1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00" 

2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"

As Nifty could not move above 18793.00 and slipped 991 Points till last Friday in last 9 sessions after life time top formation at 18604.50 on 19-10-2021 therefore as per above given Nifty waves structure indications of Impulsive Wave-5 completion. 

Confirmation of Wave 5 completion at 18604.50 will mean correction beginning of whole that rally which started from 7511.10 on 24-03-2020 and gained 11093.40 Points in almost 19 months after life time top formation at 18604.50. 

Let Wave 5 completion confirmation come then "ABC correction" will be considered as per Elliott Waves theory. 

Nifty-EOD Chart Analysis

(Averages,Stochastic & MACD)

Nifty-EOD Chart (29-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion indiction after recent high and new life time top formation at 18604.50 on 19-10-2021

2- Short Term correction continuation with recent bottom formations at 17613.10 on 29-10-2021 

2-Averages

A- 5-Day SMA is today at 18026 

B- 21-Day SMA is today at 18001

B- 55-Day SMA is today at 17466

3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.

4- Stochastic- %K(5) is at 25.66 & %D(3) is at 39.04.

5- In MACD- MACD line has intersected Average line downward. Its MACD line is moving down in positive zone while its Average line has turned flat.

Conclusions from EOD chart analysis

(Averages,Stochastic & MACD)

As last 9 sessions Short Term correction therefore Short Term indicators have started to show clear weakness signals through downward intersection of both Stochastic and MACD.In this manner MACD is showing downward trend formation but both lines of Stochastic are just above Oversold zone hence it is suggesting a Pull Back Rally possibility in next week. 

Another weakness signal has come from both Short Term Averages(5 and 21-Day SMA) after last 2 sessions closing below these 2 Averages. As Nifty is above intermediate Term Trend decider(55-Day SMA) therefore it is still up.  

Nifty-Last 20 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Oct 01 to Oct 29,2021):-

Technical Patterns formation in last 20 Sessions intraday charts

1- Selling(Resistances) in last 20 Sessions are as follows:- 

A- 18289-18334 

S- 18379-18458

C- 18548-18604 

2- Consolidation(Supports) in last 20 Sessions are as follows:-

A- 17616-17763 

B- 17641-17704 

C- 17453-17550

3- Last 20 sessions trading between 17453-18604 

Conclusions from 20 Sessions

intra day chart analysis 

Last 20 sessions of Oct 2021 trading was between 17453-18604 with above mentioned supports and resistances. As consolidation was seen within above mentioned 2nd supports last Friday therefore Up moves are firstly expected in the beginning of next week towards above mentioned resistances and finally sustaining it beyond will confirm next big moves after last more than 20 sessions trading range break out/down confirmations.

Nifty-Intra Day Chart Analysis

(29-Oct-2021)

Nifty-Intra Day Chart (29-Oct-2021):-

Technical Patterns formation in today intraday charts

1- 219 Points sharp fall in first 5 minutes after weaker opening

2- 300 Points sharp up

3- Down moves in Bullish Falling Channel

4- Consolidation between 17616-17763(immediate supports)

5- Whole day actual trading between 17614-17915

Conclusions from

intra day chart analysis 

Huge volatility in first 2 hours last Friday because firstly 219 points sharp fall in first 5 minutes and after that 300 Points sharp up moves developed. 

As Mid-session Down moves were in Bullish Falling Channel and after that lower levels consolidation was also seen between 17616-17763 in last 2 hours therefore up moves are expected towards/above last Friday highest(17915) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is still up. 

3- Short Term Trend is down.

As per above given Nifty Waves structure maximum target of Nifty is at 18793.00 and Nifty slipped 991 Points till last Friday in last 9 sessions after life time top formation at 18604.50 on 19-10-2021 therefore emergence of Waves structure validity signals and its confirmation will be as per following developments one by one in the coming weeks/months:-  

1- Its first signal will be after sustaining below last 20 sessions trading lowest(17453). As Intermediate Term Trend decider 55-Day SMA is also just above it is at 17466 therefore Intermediate Term Trend will also be down below 17453 which will mean correction continuation from 3 weeks to 3 months.

2- Its 2nd and last confirmation as well as deeper correction confirmation also will be after sustaining below Long Term Trend decider 200-Day SMA,which is today at 15773.

As some lower levels consolidation was seen last Friday and both lines of Short Term Indicator Stochastic are also just above Oversold zone therefore emergence of Pull Back rally possibility in the beginning of next week but finally sustaining beyond last 20 sessions trading range(17453-18604) will confirm following next big moves therefore it should also be watched in the coming week/weeks:-

1- Below 17453 will mean decisive down moves beginning and deeper correction possibility because it will generate strong signals of Impulsive Wave-5 completion at 18604.50 and after this emergence of "ABC" correction possibility of 19 months rally gaining 11093.40 Points between 7511.10-18604.50.

2- Above 18604 will mean rally continuation after Short Term correction completion in sideways market between 17453-18604 and in this situation moving above 18793 should also be watched because in that situiation Waves will also have to be recounted as per Elliott Wave theory principles. 

Levels will confirm next 

more than 2% moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-09-2021)

Nifty-Intra Day Chart (27-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17907-17943

2- Down moves with upward corrections

3- Selling between 17877-17896

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 17802-17943

Conclusions from intra day chart analysis 

Following lines were told on 25-09-2021 in " Wave-5 Rally continuation towards its maximum target at 18793":-

1- some higher levels good intraday selling was seen therefore Doji Black Candle was formed last Friday

2- firstly sustaining beyond last Friday trading range(17819-17947) should be firstly watched in the beginning of next week

17819-17947 was told on 25-09-2021 for firstly watching in the beginning of this week and Nifty traded almost whole day within this range between 17802-17943 with higher levels selling and some supports also at lower levels also.

Expected that Nifty will again trade and prepare for next decisive moves within and near about 17802-17943 tomorrow also because both higher levels selling and lower levels buying has been seen in last 2 sessions and finally sustaining it beyond will confirm next more than 2% moves which should be firstly watched in the coming sessions.

 Last 18 sessions lowest will confirm the life and length of on going correction

Technical Analysis,Research & Weekly Outlook

(Nov 15 to Nov 18,2021)

Nifty-Weekly Chart Analysis

(Waves,Stochastic & MACD)

Nifty-Weekly Chart(12-Nov-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion indication after recent high and new life time top formation at 18604.50 on 19-10-2021

7- Short Term correction continuation with recent bottom formation at 17613.10 on 29-10-2021. 

8- Last 4 weeks and 18 Sessions sideways trading between 17453-18604 

9- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.

10- Stochastic- %K(5) is at 33.72 & %D(3) is at 43.80.

11- In MACD- MACD line has intersected Average line downward. Its MACD line is moving down in positive zone while its Average line is moving up in positive zone .

Conclusions from Weekly chart analysis

(Waves,Stochastic & MACD)

Impulsive Wave-1 which started after Corrective Wave-C completion at 7511.10 on 24-03-2020 remained continued almost 19 months and its 5th Wave completion indications have also emerged on 19-10-2021 after new life time top formation at  18604.50 because now last 4 weeks and 18 Sessions long correction continuation with recent bottom formation at 17613.10 on 29-10-2021.  

As in weekly Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone which means that  Stochastic has not turned Oversold yet therefore indications of more down moves in the coming week/weeks.

In weekly MACD indicator MACD line has intersected Average line downward and its MACD line is moving down therefore downward trend formation indications have emerged but its Average line is moving up also hence it is  signalling that MACD will give downward trend formation confirmations after some time and more selling patterns formations. 

Nifty-Last 29 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Oct 01 to Nov 12,2021):-

Technical Patterns formation in last 29 Sessions intraday charts

1- Selling(Resistances) in last 29 Sessions are as follows:- 

A- 18289-18334 

S- 18379-18458

C- 18548-18604 

2- Consolidation(Supports) in last 29 Sessions are as follows:-

A- 17984-18046 

B- 17716-17763 

C- 17641-17704 

D- 17453-17550

3- Last 29 Sessions trading between 17453-18604 

Conclusions from 29 Sessions

intra day chart analysis 

Nifty is trading between 17453-18604 for the last 29 sessions with above mentioned supports and resistances which are equally strong and nifty closed almost in the middle of this range last Friday therefore Nifty will trade and prepare for next trend within this range. As 29 sessions like big range and finally sustaining it beyond will generate big moves therefore should be watched in the coming week/weeks for its confirmations. 

Nifty-Intra Day Chart Analysis

(12-Nov-2021)

Nifty-Intra Day Chart (12-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Up moves with downward corrections

3- Whole day actual trading between 17906-18123

Conclusions from intra day chart analysis 

Although 100 points up after strong opening but after that more than 1 and half hour down moves were also seen last Friday. As these down moves were in Bullish Falling Channel therefore after that strong rally developed which was with downward corrections also hence was near the higher levels of the day.

As whole day good intraday consolidation last Friday therefore up moves will remain continued in the beginning of next week but intraday correction will also be seen because Very Short Term Indicators have turned Over bought and its cooling down is also required through intraday corrections.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 17453-18604 for the last 29 Sessions.   

3- Short Term Trend is down.

As per above given Nifty Waves structure maximum target of Nifty is at 18793.00 and it was posted in following topics of previous weekly outlooks:-

1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00" 

2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"

As on going correction started from 18604.50 on 19-10-2021 and it is below 18793.00 therefore Nifty is honouring this Waves structure till now which means that given Waves structure is still valid. Last 18 sessions on going correction lowest is at 17613.10 and if Nifty slips below it without moving above 18793.00 then that will generate stronger indications of deeper correction beginning because it will confirm Intermediate Term Trend turning down confirmations also after breaking down of 55-Day SMA which is today at 17705.40. 

As weekly Stochastic is suggesting more down moves possibility and weekly MACD has started to show downward trend formation indications therefore firstly sustaining beyond last 18 sessions lowest(17613.10) should be watched in the coming week/weeks for the life of on giong correction confirmations because its valid break down will mean deeper "ABC" correction beginning confirmations.

 Watch 17453 for deeper correction 

confirmation amid some 

up moves possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-11-2021)

Nifty-Intra Day Chart (22-Nov-2021):-

Technical Patterns formation in today intraday charts

1- More than 100 points down in first 4 minutes after positive opening

2- Down moves with upward corrections

3- More than 160 points recovery from lower levels in last hour

4- Whole day actual trading between 17281-17805

Conclusions from intra day chart analysis 

Following conclusive lines were told on 20-00-2021 in "17453 will confirm deeper correction beginning or correction completion first indication":-

correction continuation is expected towards 17453 in next week more and firstly sustaining it beyond should be watched in next week for:-

1- for deeper correction beginning below it

2- on going correction completion first indication above it. 

Following topic of "Maximum target of Nifty at 18793.00" were posted:-

1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00" 

2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"

As was told on 20-11-2021 and 100% same happened today in following manner:- 

1- Nifty slipped more than 1300 points from 17613.10 

and 

2- without moving above 18793.00.

Although Nifty positive opening today but slipped more than 100 points in first 4 minutes and after that continuously down moves remains continued with upward corrections therefore once Nifty traded 484 points down. As Very Short Term indicators turned Oversold and sentiment was extremely depressed therefore 160 points recovery was seen from lower levels in last hour.

Nifty traded between 17281-17444 in last hour and got little supports within it therefore expected Nifty will firstly trade within and near about this range tomorrow. As sentiment Very Short Term indicators are also Oversold therefore some up moves may be seen towards following next resistances:-  

1- 17563-17590

2- 17644-17578

3- 17781-17805

As last 33 sessions trading from 01-10-2021 to 18-11-2021 was between 17453-18604 and Nifty forcefully moved below it as well as closed it today therefore it has generated deeper correction strong indication. Once sustaining below 17453 will confirm deeper correction therefore should be firstly watched in the coming sessions amid Oversold indicators led some up moves possibility.

 Live proofs of our accuracy

Prediction of "Nifty maximum Target" 

at 18793

Prediction of "Nifty above 18000" 

one year before

 Remain cautious because maximum target of Nifty is at 18793.00 

Technical Analysis,Research & Weekly 

Outlook(Oct 18 to Oct 22,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart(14-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020

3- Wave-1 gained 4283.20 points  

4- Corrective Wave-2 completion at 10790.20 on 24-09-2020

5- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

6- Wave-3 gained 4641.60 points

7- Corrective Wave-4 completion at 14151.4 on 22-04-2021

8- Impulsive Wave-5 continuation with recent high and new life time top formation at 18350.75 on 14-10-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent high and new life time top formation in previous session at 18350.75 on 14-10-2021 and no signal of Wave-5 completion yet on EOD chartS.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (14-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 18350.75 on 14-10-2021

2- Stochastic- %K(5) is at 92.54 & %D(3) is at 87.58 and its both lones are rising in Over bought zone.

3- In MACD- MACD line has intersected Average line upward. Its MACD line has started to move up while its Average line is moving flat in positive zone.

4- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although strong rally continuation but Short Term indicator Stochastic is completely overbought therefore it will be understood that Short Term correction is on cards and it may be seen in next week.

As strong rally continuation therefore MACD line has intersected Average line upward in MACD indicator but MACD is showing negative divergence and its Average line is moving flat also therefore some more confirmation is required for upward trend formations in this indicator.   

Nifty-Intra Day Chart Analysis

(14-Oct-2021)

Nifty-Intra Day Chart (14-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 18255-18291

2- Down moves in Bullish Falling Channel

3- Up moves with downward corrections

4- Whole day actual trading between 18248-18350

Conclusions from intra day chart analysis 

As firstly sideways trading consolidation and after that till end of the day follow up consolidation through Down moves in Bullish Falling Channel and Up moves with downward corrections therefore whole day last Thursday trading will be understood with good intraday consolidation and resultant up moves above day highest(18350) will be seen in the beginning of next week.

Conclusions (After putting all studies together)

Bullish rally continuation and all the trends are up as well as no indication of its completion yet on intraday and EOD charts patterns. 

As EOD,Weekly and Monthly indicators have turned Overbought and many of them are showing negative divergence also therefore view should be cautious because Short,Intermediate and/or Long Term correction may begun any day after selling patterns formations on EOD and intraday charts because indicators are such high Overbought.

Nifty highest at 18350.75 was formed on 14-10-2021 and as per above given Waves structure its maximum target is at 18793,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-1 gained=4283.20 points(11794.30-7511.10)

Impulsive Wave-3 gained=4641.60 points(15431.80-10790.20)

Impulsive Wave-5 has gained 3796.25 points till 24-09-2021(17947.65-14151.40)

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 4641.60.

Impulsive Wave-5 started from 14151.4 on 22-04-2021 and it has to gain less than 4641.60 points therefore maximum target of on going impulsive Wave-5 is 18793.00(14151.40+4641.60)

As Nifty has travelled upto 18350.75 till last Thursday(14-10-2021) and as per present Waves structure its maximum target is at 18793.00 therefore remain cautious and if clear selling patterns develop on intraday and EOD Charts then correction should be considered according to the weightage,size and duration of selling patterns formations. 

It should also be kept in mind that As per Eliot Waves theory Waves structure will be recalculated after Nifty moving above 18793.00 and till then trading policies should be above given Nifty Waves structure. 

Impulsive Wave-5 rally towards its maximum target at 18793 after Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(Aug 09 to Aug 13,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (06-Aug-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Last 44 sessions sideways trading range(15451-15962) forcefully broken out on 03-08-2021

7- Impulsive Wave-5 continuation with recent high and new life time top formation at 16349.50 on 05-08-2021

 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent high and new life time top formation at 16349.50 on 05-08-2021. As last 44 sessions like big sideways trading range(15451-15962) forcefully broken out in previous week on 03-08-2021 and no indication of impulsive Wave-5  completion yet on EOD charts therefore its continuation will be expected.

Nifty-EOD Chart Analysis

(MACD & Stochastic)

Nifty-EOD Chart (06-Aug-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 16349.50 on 05-08-2021

2- Stochastic- %K(5) is at 87.87 & %D(3) is at 92.89

3- Stochastic- %K(5) line has intersected %D(3) line downward and both lines are falling in Over bought zone.

4- In MACD- MACD line  has intersected Average line upward and both lines are rising in positive zone.

5- Last 44 sessions sideways trading range(15451-15962) forcefully broken out on 03-08-2021

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic indicator %K(5) line has intersected %D(3) line downward and both lines are falling in Over bought zone therefore emergence of Short Term correction indications which may be seen in next week.

As in MACD indicator MACD line  has intersected Average line upward and both lines are rising in positive zone therefore emergence of up trend formations signals.

Indicators are suggesting that finally up moves will be seen after next week Short Term correction.

 

Nifty-Last 3 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 04 to Aug 06,2021):-

Technical Patterns formation in last 3 Sessions intraday charts

1- Selling between 16239-16290 on 04-08-2021

2- Consolidation between 16211-16275 on 05-08-2021

3- Sharp Up moves in Mid-session on 05-08-2021

4- Selling between 16306-16349 on 05-08-2021

5- Selling between 16302-16336 on 06-08-2021

6- Sharp fall on 06-08-2021

7- Selling between 16258-16283 on 06-08-2021

8- Down moves in Bullish Falling Channel in last hour on 06-08-2021

9- Last 3 Sessions actual trading between 16177-16349

Conclusions from 3 Sessions

intra day chart analysis 

Last 44 sessions trading range(15451-15962) forcefully broken out on 04-08-2021 and after that last 3 sessions trading were sideways between 16177-16349 with higher levels good selling and lower levels some consolidation also. Although down moves were seen in last hour on 06-08-2021 but were in Bullish Falling Channel therefore lower levels sufficient good supports formations will also be considered in last 3 sessions.  

As both lower levels consolidation and higher levels selling in last 3 sessions between 16177-16349 therefore firstly Nifty will have to trade and prepare for next Short Term trend within this range and finally sustaining beyond or forceful break out/down of this range will confirm it hence should be firstly watched in the beginning of next week.

Conclusions

(After Putting All Studies Together)

All the trends have turned up after forceful break out of last 44 sessions like big sideways trading range(15451-15962) in previous week and impulsive Wave-5 continuation confirmation towards its maximum target at 18793.00.

Calculation of maximum target of Nifty at 18793.00 is 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-1 gained=4283.20 points(11794.30-7511.10)

Impulsive Wave-3 gained=4641.60 points(15431.80-10790.20)

Impulsive Wave-5 has gained 2198.10 points till 28-11-2020(16349.50-14151.40)

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 4641.60.

Impulsive Wave-5 started from 14151.4 on 22-04-2021 and it has to gain less than 4641.60 points therefore maximum target of on going impulsive Wave-5 is 18793.00(14151.40+4641.60)

Although MACD is showing up trend formations but Stochastic is suggesting Short Term correction and intraday charts of last 3 sessions are also showing good selling therefore expected that firstly Short Term correction will be seen below last 3 sessions lowest(16177) and towards 16000 in next week as well as impulsive Wave-5 will start rally towards its maximum target at 18793.00 after correction completion.