samratkakkar

Nifty Cup Formation on Weekly Time frame

NSE:NIFTY   Nifty 50 Index
A cup has formed on nifty on a weekly time frame. I do not have the knowledge or the experience currently to predict if it will form a parallel handle or a downward looking handle or a smaller cup. This also contradicts my earlier post where I had mapped the Elliot wave and projected a correction from the current levels. Please do give feedback. This is for my self learning and not a trade recommendation of any manner. If you chose to trade using this information, please do it at your own risk.

Comments

how much do you expect it to fall to make handle?
Reply
@TDXPRIME, if I over lay this with my Elliot wave analysis, then we are looking at a fall of 400-500 points. The 1/3 handle of this pattern is approx 500 points which also should make correction wave A in Elliot.
+1 Reply
TDXPRIME samratkakkar
@samratkakkar, cup has itself given breakout i guess
Reply
Yeh. SGX has risen on Friday. FII are net long on the market. Long future positions.
+1 Reply
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