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Nifty Elliott Wave Update

4 Apr 2021 ‚óŹ 01:35 PM

MARKET UPDATE: 04 APR 2021

   NIFTY          
 TIME TREND UP LEVEL   DOWN LEVEL
 Medium-term trend Up 15336 14264

Explanatory Note: Support held the move up should resume

The 20-week average moved up to 14230 and was protected by the market, raising the odds that the decline ended in a-b-c as marked last week and the uptrend continues. I am going with the extension count where what we have completed is only wave 4 of 3 down and the next move up is wave 5 of 3. Nifty has to further confirm this by a move above 15336, and then if 15336 is surpassed we should test the upper Bollinger band above that at 15626.

Bank nifty also held the 20-week average at 32619 and the low made was 32415 which should be an important pivot from where the up move can start. The wave b high at 36455 needs to be surpassed as a further confirmation and once that happens we go to the upper band near 37186.

 

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