Let me shake the world of technical analysis and Elliott wave once again upside down! Where is Nifty headed? What’s the medium term and long term view? And how to trade it successfully? Is there any analyst out there who can say confidently and accurately before hand about market moves????!!!!
Without much ado, lets get started!
The current short term wave is running upward since yesterday ‘s low, and will let you all know some 10-15 minutes in advance once I detect an end.
The ST ( = short term) would mostly be 2-3 days long.
MT (= Medium Term) turn date is 5-6 Dec, and it also nearly coincides with LT date. So we are now approaching a sub-major top. Its explained in detail in the chart below.
So go long with stop-loss at 10310 NS (=Nifty Spot) and 25680 BN ( = BankNifty Spot).
Target is shown by green arrow in the chart above.
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This I had posted in the morning, but somehow got published as a private idea.
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Today, its slightly slow to start with, primarily due to BN expiry. but still up
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At 11:58, the first leg of this SW (= short wave) will end, may exit there to go long later. ( for short term tradets only).
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Had gone long at 10340, sold at 10372, nearly 30 points in profit.
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Modified TSL for BankNifty for MT traders: 25630. BN is underperforming.
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Short term traders shall go long again at 13:01
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Modified TSL : 10270 NS. Please hold and carry forward.
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If it still does not move up, we will close all MT and ST positons.
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14:35 is the next xritical time, which shall offer good support.
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Please carry forward. No chance of breaking day's low.
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So at the end of the day we have booked 30 points profit in first trade. Second one was taken at 10340 and is in 11 points of profit currently - not booked. This is in a highly sideways market with no clear sense of direction!
I tried to check longer term wave count . . 10500~11000 is where all converge
pankajvw
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@yndesai, This is very long term supercycle. In this the top of third wave is still far away, probably in the next year end.
yndesai
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@pankajvw,
I would like to know how you arrived at the time ie next year end.
Thanks in advance.
pankajvw
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@yndesai, If you look at my chart above, this is your third wave super cycle. The encircled area is wave 2, and we are in 3rd of 3rd. The fourth is yet to start. It will go for 3 months. The 8-9 months more for the 5th to complete. Which makes it top of your 3rd wave.