Nifty 50 Archives - Elliott Wave Forecast

Elliott Wave Analysis shows NIFTY-50 Pullback is Imminent

June 20, 2024 By EWFSanmi

Hello traders. In this post, we will analyze the NIFTY-50 price chart. The Nifty 50 includes 50 major companies listed on the National Stock Exchange (NSE) of India. It is one of India’s two main stock indices, alongside the BSE Sensex.

NIFTY-50 Elliott Wave Analysis – Weekly Chart

NIFTY 50 is in a long-term bullish cycle on the monthly chart. On the weekly chart, the current bullish sub-cycle began in March 2020 when wave ((II)) grand supercycle ended. From a low of 7525.04, the index started the grand supercycle wave ((III)) and has been rising since then. The sub-waves of ((III)) show the price completed supercycle waves (I) and (II) in October 2021 and June 2022. Now, the price is rising in an impulse structure for wave (III).

The weekly chart above shows the index is on wave (5) of ((3)) of I of (III) of ((III)). Thus, the bullish trend has a long way to go. This is a clear bullish sequence. Buyers will look to buy pullbacks of ((4)) after the ((3)) high is confirmed. Alternatively, buyers can find opportunities at wave 2 and 4 pullbacks within the wave (5) sub-structure before ((3)) ends. To trade the sub-waves of (5), traders should check the daily or H4 chart.

NIFTY-50 Elliott Wave Analysis – H4 Chart

We shared the H4 chart with Elliottwave-Forecast group 2 members on 06.19.2024. Members received this chart at the end of the trading day along with H4 charts of 25 other instruments. In the members’ area, we cover 78 instruments in three groups of 26 each, including Forex, Stocks, Indices, Cryptocurrencies, Commodities, and ETFs.

The H4 chart shows wave 1 of (5) completing an impulse wave structure with the 5th sub-wave forming an ending diagonal. Ending diagonals are powerful reversal patterns in technical analysis. If prices break the lower boundary of the diagonal, confirming the end of wave 1, we can expect a corrective pullback for wave 2. Therefore, our focus on the H4 chart is to buy at the end of wave 2, not sell into wave 2. The trend is bullish, and we follow where the big players trade. We will monitor NIFTY on both the H4 and H1/30 Min charts. We update H1 charts four times a day for all 78 instruments.

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Elliott Wave View: Nifty Pullback Should Find Buyers

February 9, 2021 By EWFHendra

Cycle from March 2020 low in Nifty remains in play as a 5 waves impulse Elliott Wave structure. In the chart below, we can see wave ((3)) of the impulse ended at 14653.35. Wave ((4)) pullback has also ended at 13597.81. The internal subdivision of wave ((4)) unfolded as an Expanded Flat structure. Down from wave ((3)), wave (A) ended at 14222.80, wave (B) ended at 14752.80, and wave (C) of ((4)) ended at 13597.81.

The Index has resumed to new high above wave ((3)) suggesting the next leg higher in wave ((5)) has started. Up from wave ((4)), wave 1 ended at 13906.1 and pullback in wave 2 ended at 13778.30. Index then resumed higher in wave 3 towards 15014.65 and pullback in wave 4 ended at 14864.75. Expect Index to end wave 5 soon and this should complete wave (1) of ((5)) in higher degree. Index then should pullback in wave (2) to correct cycle from January 29, 20201 low before the rally resumes. As far as wave ((4)) low pivot at 13597.81 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Nifty 30 Minutes Elliott Wave Chart

Nifty Elliott Wave Video

Nifty Buyers Entered At Blue Box: Perfect Entry Again

November 10, 2020 By Daud Bhatti

Nifty ended an impulse advance from September 24 low to October 15 high and started pulling back. The pull back was corrective so we expected it to end the correction and resume the rally for a new high in wave ((5)) extension or produce a bounce in 3 waves at least. Let’s look at the recent charts to see how it unfolded.

Nifty 4 Hour Elliott Wave Analysis 11.1.2020

Chart below shows Impulse Elliott Wave Structure from March 2020 low is still in progress and within this impulse structure wave ((3)) completed at 11794.25 and wave ((4)) completed at 10790.20. This was followed by rally to a new high to 12025.45 which could have been all of wave ((5)) but based in market correlation, we anticipated an extended wave ((5)) and labelled the rally to 12025.45 as just wave (1) of ((5)). As per Elliott Wave Theory, after a complete 5 waves move, there should be a pull back in 3 waves at least. We can see that Index pulled back in 3 waves and already reached the blue box area which we highlighted as an area to complete wave (2) pull back and expected buyers to appear in the blue box and resume the rally in wave (3) of ((5)) or produce 3 waves bounce at least.

Nifty 4 Hour Elliott Wave Analysis 11.9.2020

Nifty completed the pull back in the blue box and buyers entered as expected. Index resumed the rally and has already made a new high above 12025.45 peak exposing 12766 – 13057 as the next target area. We could either be nesting or the mentioned area would complete wave (3) of ((5)). In either case, more upside should take place.

Elliott Wave View: Nifty Found Support for Next Leg Higher

September 30, 2020 By EWFHendra

Elliott Wave view of Nifty suggests the cycle from March 24 low still remains in progress as a 5 waves impulse. The 30 minutes chart below shows the rally to 11794.25 ended wave ((3)) of this impulse from March low. Pullback to 10791.03 ended wave ((4)) as a zigzag Elliott Wave structure. Down from wave ((3)) high at 11794.25, wave 1 ended at 11325.85 and wave 2 bounce ended at 11584.95. Wave 3 then resumed lower to 11251.70, wave 4 ended at 11429.55, and wave 5 ended at 11185.15. This ended wave (A) of the zigzag in higher degree.

Wave (B) bounce ended at 11618.10 as a zigzag in lesser degree where wave A ended at 11568.9, wave B ended at 11383.55, and wave C ended at 11618.10. Index then resumed lower in wave (C) towards 10791.03 with subdivision as a 5 waves impulse. Down from wave (B) high at 11618.10, wave 1 ended at 11498.50, wave 2 ended at 11584.10, wave 3 ended at 11084.65, wave 4 ended at 11259.55, and wave 5 ended at 10791.03. This ended wave (C) of ((4)) in higher degree. Index has since turned higher from the blue box area. Up from 10791.03, wave 1 ended at 11239.35. Near term, pullback in wave 2 is expected to find support in 3, 7, or 11 swing against 10791.03 low for further upside.

Nifty 30 Minutes Elliott Wave Chart

Nifty Elliott Wave Video

Nifty – Forecasting The Rally From Elliott Wave Blue Box

September 29, 2020 By Daud Bhatti

Nifty saw a high of 11794.25 at the end of August and then turned lower, we told members the decline should be corrective and present another opportunity for the buyers to enter the market. In this article, we will look at how the decline unfolded and also view the blue box area that we highlighted as the area for 3 waves pull back to end and then rally to resume in wave ((5)) or a 3 waves reaction higher to take place at least. Let’s look at some charts of Nifty below.

Nifty 1 Hour Elliott Wave Analysis – 23 September 2020

Chart below shows Nifty completed wave ((3)) at 11794.25 and them pull back in an overlapping structure to 11185.15 which we labelled as wave (A). This was followed by a 3 waves bounce to 11618.10 which we labelled as wave (B). Down from there, wave 1 completed at 11498.50, wave 2 completed at 11584.10, wave ((i)) of 3 completed at 11446.10, wave ((ii)) of 3 completed at 11535.25, wave ((iii)) and ((iv)) were also proposed to be over and preferred view called for 2 more lows to complete wave (C) in the blue box area (11010 – 10632) to complete wave ((4)). Blue Boxes are High-Frequency areas which are based in a relationship of sequences, cycles and calculated using extensions. We refer to them as High Frequency trading areas, we prefer blue boxes to enter in direction of the trend because blue Boxes are areas where majority of the times, both buyers and sellers again in direction of next move for 3 swings at least and hence why they present high probability / low risk areas to enter the market in direction of the trend.

Nifty 1 Hour Elliott Wave Analysis – 29 September 2020

Chart below shows Nifty Index reached the blue box to complete proposed wave ((4)) at 10791.03 and reacted strongly higher. Reaction higher appears impulsive and has already crossed 50% retracement level (11204) of the decline from wave (B) and even exceeded the 61.8% retracement from (B) high. The reaction higher allowed any buyers which entered in the blue box to eliminate risk on the trade. We are calling wave 1 completed at 11239.55 and as pull backs hold above 10791, we expect Nifty Index to continue higher. A break of 10791 low can’t be ruled out and that will put the Index in a double correction lower from 11794.25, even if this scenario takes place, blue box did the job already and produced a reaction higher which should allow any buyers from blue box to get into a risk free position.

Nifty Reacted Higher Perfectly From Blue Box Area

June 10, 2020 By Hassan Sheikh

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of the Nifty index from India. In which, the rally from 24 March 2020 low unfolded as an impulse 5 wave structure. Thus suggested that it’s a continuation pattern. And as per Elliott wave theory after a 3 waves pullback, it should do another extension higher in 5 waves impulse structure at least. Therefore, we advised members not to sell the instrument & trade the no enemy areas ( blue boxes) as per Elliott wave hedging remained the preferred path looking for 3 wave reaction higher at least. We will explain the structure & forecast below:

Nifty 1 Hour Elliott Wave Chart

Nifty 1 Hour Elliott Wave from 5/18/2020 NY Midday update. In which, the rally to 9889 high ended wave ((1)). Down from there, the index corrected lower the cycle from 3/24/2020 low. The internals of that pullback unfolded as a zigzag structure where wave (A) ended in lesser degree 5 waves at 9116 low. Up from there, wave (B) bounce ended as a lesser degree flat correction at 9584 high. Down from there, wave (C) managed to reach the blue box area at 8808-8624 100%-123.6% Fibonacci extension area of (A)-(B). From where the buyers were expected to appear in the index looking for another 5 waves rally or to do a 3 wave reaction higher at least.

Nifty 1 Hour Elliott Wave Chart

Here’s 1 Hour Elliott Wave Chart of Nifty From 5/28/2020 New York Update. In which, the index is showing reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the longs at 8808-8624 blue box area.

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