ELLIOTT WAVE PREDICTION ON HOURLY CHART

NIFTY UPDATE

Nifty 6100 call added 13lac contracts in open interest consistently two days indicating that as long as 6090-6110 is protected my short term view will be bearish on nifty. Sgx nifty is showing 40 points up so we think that any bounce should be use for selling.

RSI and 21 day exponential Moving average is working well on nifty chart since one year. I expect a down move towards 5930. Where I also expect that nifty may spike up upto 6100 level. Use to short.

 

NIFTY LONG TERM VIEW AND ELLIOTT WAVE ROAD MAP

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NIFTY TREND LATEST UPDATE

Nifty has given consecutive five days red closing and closed at 6140 level. In my  17th October post  I had written that nifty is in fifth wave extension and it may kiss 6200-6300 level. It went exactly as my technical expectation. 

Now nifty has given consecutive five red closing on daily chart. As we are seeing below chart that nifty RSI indicator has not closed above 70 level since January 2013. Sustainable move above 70 level will indicate that long term trend has been changed. 

Any close below 6180 followed by 6040 level will give confirmation for bigger negative trend.

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