So we were right again, upside was predicted but top of wave 3, we were not. Price kept on going up and why this happened is probably because of shorts getting closed and price kept rallying higher.
As soon as price reached the top, it started crushing down in wave A of 4th wave.
Nifty 50 15 min chart analysis
Nifty 50 started moving in wave 4, now this wave 4 can be just internal wave 4 also and there could be another rally for final wave 3 (pink) however for now I am considering it as wave 4 down.
Always remember Elliott Waves is different from Falcon Waves. Above analysis of Elliott Waves can change any time, that is why price action is important. For now price is above 100 EMA, however it crossed the support and is going down. Can it further go down? May be yes, but never hold overnight positions unless you are going for big moves.
Wave A should finish around blue box area and upside for wave B will hit the resistance box marked in 5 min box from where fresh shorts can be created.
This downward move is required to sustain overall new upward trend direction.
Here is Daily Chart analysis for Nifty 50:-
Price moved up in an impulsive move for internal wave 3 of wave 1 (bigger trend). This entire rally took most of us by surprise. I will do analysis on how this learning can be implemented for future trading.
In Daily chart, Nifty 50 is moving higher above Kiss Bot EMA Band and is in Long Buy area. A small pull back followed by Green B signal will indicate fresh moves higher for more than 500-800 points later.
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