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Nifty made high of 12132 today



In our previous report we suggested to buy with SL of 11866. If SL is safe expect new high above 12032. Nifty moved as per our expectations.


Let’s analyze what Nifty is doing currently. For that we will have a look at 30 min chart first.


We were expecting Nifty is making wave 5 from the low of 11802.9 as we can see that wave 1, 2, 3 and 4 looks like completed. It looks like Nifty is taking a shape of ED in wave 5. Before that lets see possible target for wave 5 from 1hr chart.


As per this chart target for wave 5 is coming at 12163 and 12274. Now to have clear understanding of last wave 5 we should check for the same from lower time frame. For that we will see 5min chart.



We tried but still we believe that wave 5 is developing as ED but the move from 1183 to 12132 looks like impulse. That is only possible if wave 5 of ED is going beyond 100% projection and it is after making high above 12119. Now this is very rare scenario. In this case this move from 11883 to 12132 can be a of 5 in ED. In that case we can expect b which can retrace around 50% and than one more move upside in the range of 12174. At present we need to see how b is getting unfold and the shape of it.


At present there is no recommendation for either buy or sell. We need pattern confirmation first. Though we expect nifty to go up but SL is very far around 11880 so need to avoid the same.



Disclaimer:- Idea and views given here are only for educational purpose. It is just to show how Elliott wave analysis can be done in practical example. Do not take any trade only on the basis of idea given here. Consult your financial advisor first before taking any trade. We do not take any responsibility for any trade taken by whatsoever means or purpose.

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