Hello & welcome to this analysis
NIFTY IT (CNXIT) appears to have completed in
Monthly from 2016 lows an impulse 5 waves up
Weekly shows a running flat wave 4 followed by sub waves of the terminal 5th wave
Daily indicates post the impulse an ABC corrective ended (ending)
is this A of abc down after a monthly 5 up or is it wave 2 complete with this ABC?
It is too early to say the latter. Normally the corrective tends to retest the start of the preceding sub wave 4 that is around 31000 but that is not mandatory as per Elliott Wave rules.
An early indication of which wave is unfolding will depend on how the sub waves come out now, either they will be corrective, then it would be B of abc or they will be impulse then wave 2 has ended and index is into Wave 3.
Interesting days ahead for IT index
All the best
NIFTY IT (CNXIT) appears to have completed in
Monthly from 2016 lows an impulse 5 waves up
Weekly shows a running flat wave 4 followed by sub waves of the terminal 5th wave
Daily indicates post the impulse an ABC corrective ended (ending)
is this A of abc down after a monthly 5 up or is it wave 2 complete with this ABC?
It is too early to say the latter. Normally the corrective tends to retest the start of the preceding sub wave 4 that is around 31000 but that is not mandatory as per Elliott Wave rules.
An early indication of which wave is unfolding will depend on how the sub waves come out now, either they will be corrective, then it would be B of abc or they will be impulse then wave 2 has ended and index is into Wave 3.
Interesting days ahead for IT index
All the best
Trade active
Index looks good for at least a pullback to 38000 with a pause near 36000
Trade closed: target reached
IT index near 38k resistance, it this is taken out next resistance is at 40k
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Online courses on Harmonic Trading Patterns, Ichimoku & Trading Psychology Risk Management
t.co/3mGWp29Xkb
t.co/3mGWp29Xkb
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.