Nifty Elliott wave analysis: As long as 5029 sustain, we need to conclude for continuation of rise. We may face resistance and one has to the final one. All eye on FOMC meet

You must read previous articles and watch above chart carefully to understand this article completely.

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
• 5029 – It is 38.20% of rise against 4770 to 5191.

I have quoted for resistance in the zone of 5090 to 5100 and Nifty has closed above 5100 marks, denied all possibilities of weakness from resistance levels. It seems that it is the optimism that is driving the market right now.

I put this market for sell-on-rise. We got first rise yesterday and even today seems to be no different day. So, it is the suitable time to see exactly what is happening during trading hours. Hence, I try to explain things based on 30 minutes intraday chart which is placed above. It can give you the sense of volatility.

I must accept (rather I am forced to accept) that this market is showing better-than-expected- relative strength.

I have counted a wave from 4770 to 5191 then the fall from 5191 to 5041 is the corrective one. We can explain and try to correlate the coming rise (from yesterday) with the fall from 5191.

It is telling us that we can see the up to 5134 and then may be t 5156. Those must be the intraday hurdle. Equally, any of these two levels can act as reversal points.

Break and trade below 5080 will surely push us lower today.

I have to give you alter sense, suppose if we kept on trading above 5040-5029 after all odd then it must force every technician to bet for the fresh wave of rise which can end up somewhere in this way –

5040 + 420 (rise from 4770-5190) = 5460. Or it can move 38% (5200), 50% (5250) or 62% (5300) advance pattern. These are possibilities and I am not very sure about that. Let us see.

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Praveen Kumar

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