Can NIFTY Regain Its Balance or Will It Plummet Further?
Timeframe: 4h
After reaching a peak of 26,277, the NSE NIFTY has begun to decline within a downward parallel channel. The Elliott wave structure can be identified as (W) – (X) – (Y), where wave (X) peaked at 24,867, followed by a downward movement for the final wave (Y). The price has fallen below the 20, 50, 100, and 200 EMA levels, with an ATR of 166.36.
The correction has several key levels to consider:
Bearish sentiment is currently stronger than buyer demand. A reversal may occur either after a breakout from the parallel channel or at the lower boundary of the channel. This is possible as long as the swing low of 21,283 remains intact.
We will update further information soon.
After reaching a peak of 26,277, the NSE NIFTY has begun to decline within a downward parallel channel. The Elliott wave structure can be identified as (W) – (X) – (Y), where wave (X) peaked at 24,867, followed by a downward movement for the final wave (Y). The price has fallen below the 20, 50, 100, and 200 EMA levels, with an ATR of 166.36.
The correction has several key levels to consider:
- At 100% retracement of wave (W) at 21,962
- At 100% retracement of wave (a) at 22,827
- At the lower boundary of the corrective channel
Bearish sentiment is currently stronger than buyer demand. A reversal may occur either after a breakout from the parallel channel or at the lower boundary of the channel. This is possible as long as the swing low of 21,283 remains intact.
We will update further information soon.
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