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  • Writer's pictureEkat

Nifty50 Stock Price Analysis for 10th November 2023

Updated: Nov 20, 2023

Nifty50 moved in the direction that I mentioned in my previous blog. It looks like we hit a truncated 5th wave at the top to make wave 3 early, on higher time frame. Here are charts in different time frames,


Nifty daily chart

In Nifty50 daily chart the price is moving higher to make PURPLE 1 wave, this will be the first wave of 5 waves towards a new all time high. In this we have 5 waves, because waves are fractal in nature.

Here is a 1H chart of Nifty50

We are looking at 5 waves towards completion of wave 1. Here it seems we have finished an early wave 3, I can see weekly resistance beyond this therefore a pull back is required to break these levels. Wave 4 pull back in ABC format is good even for FIIs at this juncture.

Nifty 50 1H chart

Here is a 5 min chart of Nifty 50:

Wave ABC to complete wave 4

Overall the structure sounds little fishy, Diwali is round the corner and this pull back doesnt make sense. If we are going down in ABC format then wave A is still in progression. More on this later. Currently looking at price to go higher to complete wave 4 (WHITE) and then down again.

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