Nifty 50: Elliott Wave Near-To Long-Term Trend Perspective
Bishnu Prasad Basyal | Oct 11, 2017 06:36AM ET
Nifty 50's near-term (1-2 months): Rising in a Minuette Degree Wave (v) of Minute Degree Wave ((iii)) - Target 10350-10600. Nifty is still rising in Minute Degree Wave ((iii)), which is expected to finish near 10350-10600. Fibonacci extension of 3.618 calculates around 10345 and If we add the length of wave (iv) in top of Wave (iii), then it calculates 10600. Thus, Nifty is expected to top anywhere between these two points. The Minute Degree Wave ((iv)) can retrace up to 9700 once again after finishing Minute Degree Wave ((iii)) near 10350-10600.
Nifty Short Term (6-8 months): Targeting above 11000 till July 2018: short-term trend in Nifty remains up, if we consider the period of 6-8 months. First it can move toward 10350-10600 within next 1-2 months and then retrace towards 9700-9500 for the next 2-3 months and again start rising toward 11000-11600 till July 2018. A significant top as intermediate degree wave (3), which started since December 2011 can conclude near 11000-11600 till July 2018. Thus, for short-term trader, every dip toward 9700-9500 is buying opportunity till Mid 2018.
Nifty Long Term (3-5 years): Targeting above 13000-15000 till end of year 2022: The long-term trend in Nifty remains positive, which targets 13000-15000 till the end of year 2022. Moreover, if we take little longer time frame then, it may reach 19000 till the end of year 2027-2028. Thus, for long-term trader, there is huge buying opportunity for the next 10 years on every significant drop in the index.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.