Nifty spot cmp :- 11473
Harmonic study :- Bearish AB =CD formation (Pre-assumtion), Bullish Cypher formation (Pre-assumption)
Nearest resistance level is around 11530 levels which is recent peak made by nifty spot,, above that index may move up by 100 to 120 points to complete bearish AB=CD pattern , whose PRZ is around 11636 to 11640 levels, which will be the next levels to watch.
As per Bullish Cypher pattern extension of leg BC which should be 1.414% ,, as per levels 1.414% extension is around 11530 which is also recent peak for index,, so might act as small resistance,, down side 11370 which was previously respected 3-5 times as resistance would act as nearest support,, below which we may see 11286 which is mid point B of cypher pattern,, and finally 11186 which is 0.786% retracement to complete cyper pattern.
Elliot wave study :- Currently index look like trading in corrective phase where formation of wave B is running,, once wave C unfold we may see price to drove towards 11370 levels,, this view also changes once 11530 is broken and sustained for atleast 15 mins above this levels..
Harmonic study :- Bearish AB =CD formation (Pre-assumtion), Bullish Cypher formation (Pre-assumption)
Nearest resistance level is around 11530 levels which is recent peak made by nifty spot,, above that index may move up by 100 to 120 points to complete bearish AB=CD pattern , whose PRZ is around 11636 to 11640 levels, which will be the next levels to watch.
As per Bullish Cypher pattern extension of leg BC which should be 1.414% ,, as per levels 1.414% extension is around 11530 which is also recent peak for index,, so might act as small resistance,, down side 11370 which was previously respected 3-5 times as resistance would act as nearest support,, below which we may see 11286 which is mid point B of cypher pattern,, and finally 11186 which is 0.786% retracement to complete cyper pattern.
Elliot wave study :- Currently index look like trading in corrective phase where formation of wave B is running,, once wave C unfold we may see price to drove towards 11370 levels,, this view also changes once 11530 is broken and sustained for atleast 15 mins above this levels..