RUDRA007

Nifty auto spot good long candidate

Long
NSE:CNXAUTO   NIFTY AUTO
Nifty auto spot cmp 10000.

Study :- Time Cycle, Wolf wave , Harmonic , Chart Pattern.
Time Frame :- Daily.

Time Cycle :- Bottom to bottom cycle of 74 TD indicate index is making bottom at interval of 74 TD and at the moment index is at 74 TD so if this cycle is matured and the next cycle unfolds we may see a change in trend from now onwards as per this cyclic nature,,, as per peak to peak cycle index might see upmove till first week of october..

Wolf wave :- At the moment index is trading in 5th wave of wolf wave formtation,, if wave 5 mature around this levels and reversal is seen in index from current levels,, than new bull run can be seen in this index and may give out performance now onwards,,,
Hidden bullish divergence in RSI indicator gives support for reversal in trend,,

Harmonic study :- Deep crab formation is observed as per retracement of last 2 swing ,, this can be pre assumption for the harmonic pattern ,, but if index manage to reverse from this levels , than would lead to formation of deep crab which have maturity point at much higher levels..

Chart Pattern :- Symmetrical triangle pattern ,, index is trading around demand zone of triangle formation,, with divergence in indicators,, if managed to sustain above the demand line can give good reversal from current levels,, main trend can only be predicted once index gives breakout on either side of the triangel formation..

Good bullish formation observed in this index,, can start a fresh bull run....


Comments

Bulk run 🤔upto what levels, most of them are expecting a correction frm here on
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