Banknifty formed Parallel channel post march lows. Currently in Wave 4 and correcting. Now probably forming Tripple Three Elliot Corrective Wave which is long and shallow correction (0.382 fib level) between 21000 to 23000. If it reaches 23000 levels and starts reversal then we can definetly say it as Tripple three elliot wave and can plan for wave Z.
Price action suggest to go long ONLY on CLOSE ABOVE 22450 on 30 min chart Stop loss to be used 22200 target 23000-23100-23200.
Disclaimer: Calculated and plotted values may differ with actual stock movement, this analysis can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
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Gap up opening and sustained above 22450 for 30 min then from 22600 gained 300 points. more fire remaining enjoy.
it's wrong wave marking as wave 3 can never come in region of wave 1. instead it is 1,2 1,2 structure with 3rd wave in 3rd wave. target 23300 by weekend with stop below 22500 on closing basis
Niftydirection
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@tiwari.ashutosh.ismu, you need to know about leading and ending diagonals.
tiwari.ashutosh.ismu
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@Niftydirection, i know thats why i said , its 1,2 : 1,2 structure with both waves 1 being leading diagonal. leading and ending diagonals always form in wave 1 and wave 5 and not in wave 3. hence the wave you have marked as 3 is instead wave 1 of wave 3 in a leading diagonal fashion. hope you get the point. thanks.
tiwari.ashutosh.ismu
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@Niftydirection, see like i said 23300 done, expect now a pull back. Eliott if used correctly gives very good visibility of targets and sl!