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forextidings
Nov 25, 2020 2:44 PM

NIFTY Elliott Wave Analysis - ABC Correction Targets Short

Nifty 50 IndexNSE

Description

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
Smhaditya
SUPPORT BROKEN... AND WE ARE SHORT HEAVILY...
bhalla1990
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.
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
ganapathy.hcl
Dear sir., the rise from March low 7511., Is it a impulse wave or corrective wave ?? PLz share the Internal counts also.
bhandaribhupender4
BULLISH Digital India...
Smhaditya
Super
Smhaditya
Watch our view.
Smhaditya
Any stop loss?
UltimateForexSignals
Good Work
sankhyainvestments
interesting idea post
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