Nifty following Elliott wave pattern
#Nifty is folding exactly what we discussed in our previous analysis attached below.
Our organisation Traders Mantra predicted that Nifty should breach the last low of 15671 on the daily timeframe. The idea behind the analysis was that the move to the upside from 15671 to 18114 Nifty was purely corrective. It was not an impulse.
Now, what's ahead?
The move from the top 18114 is folding into wxy as shown in the chart. The relation of w and y can be as follow
If w = y, the Nifty will make its bottom near 14600
If w = y*0.786, the Nifty will make bottom near 15000
If w = y*0.618, the Nifty will make bottom near 15400
Also, the three of the prediction comes under the previous fourth of the last Impulse.
The next target is a minimum of the all-time high of nifty and will be analysed as the price will make its chart.
Our organisation Traders Mantra predicted that Nifty should breach the last low of 15671 on the daily timeframe. The idea behind the analysis was that the move to the upside from 15671 to 18114 Nifty was purely corrective. It was not an impulse.
Now, what's ahead?
The move from the top 18114 is folding into wxy as shown in the chart. The relation of w and y can be as follow
If w = y, the Nifty will make its bottom near 14600
If w = y*0.786, the Nifty will make bottom near 15000
If w = y*0.618, the Nifty will make bottom near 15400
Also, the three of the prediction comes under the previous fourth of the last Impulse.
The next target is a minimum of the all-time high of nifty and will be analysed as the price will make its chart.
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