Nifty at 19000 Lifetime Highs, What is Next?
Jun 28, 2023
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Nifty hit lifetime highs and crossed 19000 levels on upside for very first time, Elliott wave perspective and what is path ahead?
Nifty has been exhibiting impulsive move on upside and we have shown the path for targets of 19111 on 19th June 2023. This research was published in our daily equity report “The Financial Waves short term update” here is the link to the past research for reference where target for Nifty was given as 19111 when it was trading near 18780 levels.
Nifty anticipated on 19th June 2023
Nifty Happened as on 28th June 2023
Following was mentioned on 19th June research report
Anticipated - As shown in Nifty hourly chart, rise from the lows of 16828 is in impulse pattern that consists of 5 waves. There is extension in wave 5. Prices are also moving in red channel and currently wave (v) of 5 ongoing. As per this Nifty can hit lifetime highs above 18887 levels and eventually move to the levels of 19111. This is where wave v is 61.8% of wave (iii).
Wave personality suggests that wave (v) is usually associated with slower momentum and we can see the same on the above chart where RSI is making lower highs with prices making higher highs.
It is prudent to avoid catching a top unless we see close below prior week’s low which is near 18530 over short term. For nearly 12 weeks there is not a single close below prior weekly low on index and so it is still buy on dips. Many are trying to catch a top here as the momentum is slower but do remember that prices can continue to rise with slower momentum unless price action confirms.
Happened: Nifty moved precisely as expected. Post completing wave iv we saw sharp rise in just two days and prices crossed above 19000 levels. We are yet to touch the target of 19111 and so any dips can be used as buying opportunity as long as support near 18750 is intact. This is also the Gap area support.
Elliott wave is GPS of the market and can help traders to trade from swing to intraday trading. Majority are surprised by the move on Nifty but the Elliott wave already showed the possible target and was given in our daily research report.
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