Nifty Realty Index

Nifty Realty Index Analysis. As on Saturday 26 Dec 2020. CMP 299

Bottom line :  Price is in the latter stages of it's rally.  Provided below are both elliott wave and non-elliott counts.  The non-elliott count is also quite fascinating.

Price has followed script very well under both elliott and classical technicals.  Do look back to the posts from 12 September to see how price has followed projected path almost to a T, and reached 308 on 17 Dec.

From post of 20 Nov when price wasw 251  : "On the 2 week chart, Hypothesis based on the larger triangle calls for price to reach above 300".

Elliott Wave Count : Index has likely finished a wave iii of minute degree at 308 and is in a wave iv correction currently.

Note that price has already met minimum requirement for wave D of the larger triangle, so caution is warranted.

It is quite possible that price would still reach the 320 ~ 350 level that was outlined as resistance months ago.  This would complete wave D of the larger triangle.

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Non-elliott wave chart : Rounded Bottom formation.

It is fascinating to read the post of 12 Sept 2020 when price was at 214.  This is what was said then

Quote

First chart we look at is the monthly chart.  It may not help for short term trading purposes, but it could provide a blueprint for the long term.

A rounded bottom appears to have formed / forming.  As long as 160 is not violated, price remains sideways to bullish.

Strong resistance comes in at the 320 ~ 350 level, but that is a long way away.

Unquote

Update on 26 Dec : Price has already crossed 300 in 3 months since, and looks likely to test that 320-350 level mentioned over 3 months ago.

Nifty Realty Analysis. As on Monday, 7 Dec 2020. Posted at 10:20 am.  CMP 283

From previous post of 20 Nov when price was 251 "A new high is on the cards above 262 and likely above 272 before a larger correction sets in."

Price remains in an uptrend, but a correction to the 260 level roughly is quite possible in wave iv.

If the larger triangle hypothesis is correct, price should subsequently rally to the 300 ~ 330 level in wave v to complete a larger wave D.

Nifty Realty Analysis. As on 20 Nov 2020. CMP 251

Price has pretty much followed script.  If compare previous chart of 2 Nov, one can see how the rally has unfolded.

On the daily chart, Wave (iii) of minute degree is sub-dividing into its own 5 sub-waves, and a correction is likely underway currently in a small wave iv of minuette degree.

A new high is on the cards above 262 and likely above 272 before a larger correction sets in.

On the 2 week chart, Hypothesis based on the larger triangle calls for price to reach above 300 (in wave D), but note this larger triangle is currently a working hypothesis, so we are stair-stepping our way on this path by getting the short term wave forecasts accurate.

Nifty Realty Analysis. As on 2 Nov 2020. CMP 236

Nifty Realty appears to be in a healthy uptrend as long as 208 is not violated to the downside.

The larger count does not show a 5 wave up on any time frame, which makes it difficult to be definitively bullish, especially as the larger count could also be a triangle.

On the 3 day chart, price appears to be in a small wave iii up minuette degree that could reach the 270 ~ 285 level.  208 cannot be violated without changing the structure.

Nifty Realty Analysis. As on 12 Sept 2020. CMP 214

First chart we look at is the monthly chart.  It may not help for short term trading purposes, but it could provide a blueprint for the long term.

A rounded bottom appears to have formed / forming.  As long as 160 is not violated, price remains sideways to bullish.

Strong resistance comes in at the 320 ~ 350 level, but that is a long way away.

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The Elliott Wave count is purely a working hypothesis at this time as the larger count is not clear.

On the 2 day chart, price appears to be forming a bullish triangle within a larger bullish triangle on the 2 week chart.

In the near term, price could decline between 200 ~ 205 before sideways to bullish price action resumes.