NIFTY 50 near major reversal point 30 June 2020
NIFTY is in final stages of bounce after covid fall and major reversal expected around 10300 - 10400 in nifty. This should complete by end of next week or fortnight max after which a reversal expected to start which should go till 7500 in 2 months time approx
This analysis is based on Elliott wave analysis.
What is forming is a Running Flat on long term basis with wave A completed in 2004 and wave B is about to complete in next 2 weeks and this will be followed by 5 wave correction (horizontal contracting triangle [3:3:3:3:3] formation and this will retrace 38 % of wave B if wave B ends around 10300.
The first wave of the 5 wave C wave of the running flat will take support around 7500 that will also form a double bottom and support for next few years with market consodlidating in range from 10300 to 7500 for next year.
Above analysis is based on my understanding of the subject and to be used for educational purpose only. Please check facts before taking any trades on above analysis.
This analysis is based on Elliott wave analysis.
What is forming is a Running Flat on long term basis with wave A completed in 2004 and wave B is about to complete in next 2 weeks and this will be followed by 5 wave correction (horizontal contracting triangle [3:3:3:3:3] formation and this will retrace 38 % of wave B if wave B ends around 10300.
The first wave of the 5 wave C wave of the running flat will take support around 7500 that will also form a double bottom and support for next few years with market consodlidating in range from 10300 to 7500 for next year.
Above analysis is based on my understanding of the subject and to be used for educational purpose only. Please check facts before taking any trades on above analysis.
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