If we look nifty from the lower level of 1000 level in 2003 if has perfectly formed Elliot wave Pattern and tested the higher level of 6300 and after the same corrective pattern a-b-c has tested the lower level of 2600 where spike low was seen till 2200 which was 23.6% retracement of the full rise from 1000 to 6300 .
After the fall sharp rise was seen till 6300 making double top formation and reverted, trading near the support level of 4700 and further trading below 4700 will move and test the level of 3400 and 2600 once again making double bottom formation.
This will also make a long term Bull Flag pattern where this fall which will test 2600 will be D wave completion and again will move upside in form of wave E. Pole of the Flag will be from 1000 to 6300 which is 5300 points and crossover above 6300 will bring to 11600 in long run.
By xDirect India
After the fall sharp rise was seen till 6300 making double top formation and reverted, trading near the support level of 4700 and further trading below 4700 will move and test the level of 3400 and 2600 once again making double bottom formation.
This will also make a long term Bull Flag pattern where this fall which will test 2600 will be D wave completion and again will move upside in form of wave E. Pole of the Flag will be from 1000 to 6300 which is 5300 points and crossover above 6300 will bring to 11600 in long run.
By xDirect India
Reliance industries reported an operationally good quarter with mixed surprises. Petrochemical margins surprised positively, but the quarter-on-quarter increase in refining margins was not as big as analysts had expected.CapitalStars
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