forextidings

NIFTY Elliott Wave Analysis - ABC Correction Targets

Short
NSE:NIFTY   Nifty 50 Index
Nifty has touched the dynamic resistance ( DR ) level and started declining. At present, RSI is under 50 level. It's a sign of a downtrend.

Moreover, according to Elliott Wave theory, Nifty will stop climbing soon. And ABC correction will initiate from here.

Targets: 12460 - 12000 and below

Note: Selling pressure will come after a breakout of the support trendline. Don't sell above DR .

Comments

SUPPORT BROKEN... AND WE ARE SHORT HEAVILY...
+2 Reply
wave 5 internal wave counts are debatable.
Also, it is not uncommon for wave 5 to have excess or channel overshoot, it is very likely we will see 13150 being broken for excess/overshoot.

if we have a deep impending correction, then price will stay rangebound around top for sometime so distribution phase can get complete.

the visual head & shoulder and support line everyone is talking about is a trap/con trick. it will eventually unfold as an expanding ending triangle, and 13150 being broken is a high probability.
Reply
bhalla1990 bhalla1990
see how each statement i made came true in last 15 days,
1) the visual head and shoulder like pattern was a trap
2) price broke 13150 upside
3) price broke the channel upside trendline
4) price made a region of excess/overshoot
5) visual pattern is starting to look more and more like expanding ending diagonal triangle
Reply
Dear sir., the rise from March low 7511., Is it a impulse wave or corrective wave ?? PLz share the Internal counts also.
Reply
BULLISH Digital India...
Reply
Watch our view.
Reply
Any stop loss?
Reply
interesting idea post
Reply
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