In recent days, we witnessed a decent fall in bank nifty. Thanks to the Elliot waves, we could make some decent profits in the market. I trust you've also been able to capitalize on these market movements.
Looking ahead, I'd like to share my perspective on the possible market movement based on Elliot waves.
I presume wave 3 is likely to end soon on the downside, somewhere near 45750. This is also the support line from where Bank nifty rallied earlier.
The wave (v) of wave 3 is currently ongoing. This wave (v) moves in five waves, of which four waves are already completed.
Tomorrow, I expect a gap-down opening or an initial fall that will complete wave (5) of wave (v) of wave 5. Can be easily understood from the chart.
Bank nifty should resume upward movement in the form of a wave larger 4.
I'm not planning to have short positions beyond 47500 and will enter long positions when I find a reversal. Trade carefully with appropriate stop-loss.
Remember: The market is always right!
Looking ahead, I'd like to share my perspective on the possible market movement based on Elliot waves.
I presume wave 3 is likely to end soon on the downside, somewhere near 45750. This is also the support line from where Bank nifty rallied earlier.
The wave (v) of wave 3 is currently ongoing. This wave (v) moves in five waves, of which four waves are already completed.
Tomorrow, I expect a gap-down opening or an initial fall that will complete wave (5) of wave (v) of wave 5. Can be easily understood from the chart.
Bank nifty should resume upward movement in the form of a wave larger 4.
I'm not planning to have short positions beyond 47500 and will enter long positions when I find a reversal. Trade carefully with appropriate stop-loss.
Remember: The market is always right!
Trade active:
If the market opens with a gap up, probably the previous fall may be the end of all five waves, and we can see wave 4 moving upwards. By all means, I'm expecting a change in trend for some time. Better to observe the market movement and trade after proper understanding.
Trade active:
And be aware, a wave 5 (bigger fall) is likely to happen after wave 4.
Trade active:
Today's move should be wave 4. The smaller waves within wave (v) of 3rd primary wave are marked wrongly.
My anticipated waves 4 and 5 are stretched too much in the chart. I feel today, wave 4 has been completed, and (i)st wave of wave 5 has already started on the downside. Expecting a gap-down opening tomorrow or at least a decent fall intraday tomorrow (Wave 5).
My anticipated waves 4 and 5 are stretched too much in the chart. I feel today, wave 4 has been completed, and (i)st wave of wave 5 has already started on the downside. Expecting a gap-down opening tomorrow or at least a decent fall intraday tomorrow (Wave 5).