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Bulls made a killing in the year 2017 as Nifty 50 Index rallied by about 29 percent after two years of consolidation.
Following this sharp rally in the previous year; 2018 started on a tepid note as the index is sitting at the upper end of a rising channel placed at 10,780 (indicated in grey lines).
Moreover, it is also facing critical resistance at the 161.8% Fibonacci extension level of the previous correction placed at 10,540.Failure to cross this Fibonacci extension resistance may trigger corrections in the first half of the year dragging the Index lower to levels of 10,200-9540 being trend-line support and 38.2% Fibonacci retracement level respectively.
However, a sustained trade above 10,540 i.e. 161.8% Fibonacci extension level can extend the uptrend to levels of 10,780-11,200 being the upper end of the channels.
Further, the current uptrend is the 3rd impulse wave in the 5 wave Elliott setup. Failure to cross 10,540 can trigger the start of the 4th corrective wave with potential targets of 10,200-9540.
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