Elliott Wave & Technical Analysis for Nifty

Nifty is at crossroads in the Short Term . Has it reversed for Upmove or still the Corrective continues ??. Lets check out the probabilities ahead in near term trading.



The minimum Target for Correction wrt EW and Pattern was achieved at low of 5583.

Resistance :

Apprx 5700-5730 zone is the Fibonacci retrace of the total corrective move 5815-5583.
A basic pattern of a-b-c wave has been done but equally a probability exists of only the b wave completion of it and a leg down left in c which may be fast and in 5 subwave form to test the low and below 5583 (red count)

Support :

If the corrective of a-b-c got completed at 5583 then the retrace will be supported at 5630-50 levels below which the red count will takeover.

 Option data also signals Neutral at 5700 strike and Support at 5600 levels.

Reversal is not confirmed as of now , Upmove only on trading/close above 5730 in the short term with initial support in near term at 5630-50 level, below which the low of 5585-5600 may be tested again. One may Buy at dips near support zones but with caution and hedges with proper risk management. USA Presidential election may decide the next course for Markets in the short term .