Elliott Wave Forecast: Nifty stock can see sellers soon

Short term Elliott Wave view on Nifty suggests the decline from 9.15.2022 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from 9.15.2022 high, wave 1 ended at 17429.7 and rally in wave 2 ended at 17919.30. Index then resumes lower in wave 3 towards 16820.40, rally in wave 4 ended at 17026.05, and final leg lower wave 5 ended at 16747.70 which completed wave (1).

Wave (2) corrective rally is now in progress as a zigzag Elliott Wave structure. Up from wave (1), wave A ended at 17428.8 and pullback in wave B ended at 16950.30. Wave C higher is currently in progress as a 5 waves. Up from wave B, wave ((i)) ended at 17142.35 and pullback in wave ((ii)) ended at 16956.95.

Index then resumed higher in wave ((iii)) towards 17811.50. Expect a pullback in wave ((iv)) before another leg higher in wave ((v)) to end wave C of (2). Wave (2) should end somewhere at 17646 – 18075 area then the Index should resume lower in wave (3) or pullback in 3 waves at least. This view is valid as long as it does not break above previous high on 9.16.2022 at 18096.15.

Nifty Stock 60 Minutes Elliott Wave Chart

Elliott Wave Forecast: Nifty stock can see sellers soon

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