Nifty Elliott Wave, Fibonacci, MACD, Channels
Ashish Kyal, Chartered Market Technician, Author
Founder "Waves Strategy Advisors / Ashish Kyal Trading Gurukul" and Author of Effective Trading in Financial Markets using Technical Analysis. Featured on National Stock Exchange (NSE), IIM Trichy, Paytm
Nifty Elliott Wave along with Channel and MACD indicator provide very good trade setups. This can be combined with Fibonacci ratios to understand the key reversal areas.
Nifty had continued to move in form of Gaps without any meaningful direction and thereby trapping both bulls and bears on either side. This only suggest that the rise had been in corrective fashion as long as we do not see break above the resistance levels.
Look at the below research highlighting different methods to provide high conviction trade setups
Nifty Hourly Chart :
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Elliott wave analysis
Nifty post completion of wave e at the highs near 18200 levels Nifty moved sharply lower in the form of wave a (blue). This wave a formed an Extracting Triangle pattern and post its completion near 16895 there is a rise in the form of wave b. This wave b is either complete at the highs of 17600 or is still ongoing.
MACD Indicator – This clearly suggests negative divergence on minor degree from the highs and post that prices show a sharp reversal down. Now the MACD line is about to move below 0 thereby further indicating the overall trend can be sell on rise.
Fibonacci retracement – Nifty reversed from 61.8% Fibonacci retracement level of the entire fall. This hints towards the fact that the rise is corrective and medium term trend remains negative. This outlook will remains valid as long as Fibonacci level near 17650 remains protected. The reversal also happened
In a nutshell, by combining Elliott wave along with Channel, Fibonacci, MACD indicator one can form prudent trade setup and also forecast markets from few hours to months and years.
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