NIFTY FIBO AND WAVE CHART EXPRESSING VIEW ON WEEKLY CHART

NOTE:LEARNING CHARTING FOR THE VIEWERS
PLEASE FEEL FREE TO EXPRESS YOUR OPINION
THIS CHART IDEA IS SHARED TO SHOW
MY VIEWERS HOW THE NIFTY
ACCORDING TO ME HAS PANNED OUT ON WEEKY CHARTS
WITH REFERENCE TO FIBO LEVELS AND ELLIOT WAVE WITH FRESH WAVES CONSIDERING THIS WAVE IS VISIBLE .
WAVE 1:-
INDEX MOVES FROM 6825 TO 8968 FOLLOWED BY
WAVE 2:
CORRECTION FROM 8968 TO 7896 WHICH IS A PERFECT
50% RETRACEMENT LEVEL
WAVE 3:-
FOLLOWED BY A LARGE THIRD WAVE WHICH IS NORMAL
ONLY THE RULE SAYS "WAVE THIRD CANNOT BE THE SMALLEST ONE" WAVE COUNT:-7896 TO 11171
WAVE 4:-
WAVE 2 WAS A DEEP CORRECTION WAVE WHICH WAS FOLLOWED WITH A SHALLOW CORRECTIVE WAVE 4 OF 38.2% RETRACEMENT LEVEL.
IT IS ALSO THE RECENT WHICH WAS FOUND AFTER THE ELCETION DAY AND NOTICE THAT 10930 WAS THE INTRA-DAY HIGH OF KARNATAKA ELECTION WHICH CLOSED AT AROUND 10830 LEVELS
WAVE 5:-
HAS TRUNCATED EARLY HAS LOST MOMENTUM
CORRECTION WAVE "A":-???????
ACCORDING TO ME IS YET TO COMPLETE BECAUSE SEEING
AT THE MACD INDICATOR ALONE THE INDEX WAS LOST POSITIVE MOMENTUM AND HAS GIVEN A NEGATIVE CROSS OVER WITH THE FIRST NEGATIVE MOMENTUM BAR.
THAT IS IS FOR NOW WE SHALL STUDY IT EVEN FURTHER TO SEE THE RESULTS

Comment:

A BREAK BELOW 10853 ON CLOSING BASIS WILL ALLOW US TO TEST 10515
AND THAT COULD ARREST THE WAVE A
FOLLOWED BY A PASSIONATE WAVE B WHICH SHALL END LOWER THAN THE BEGINNING OF WAVE A IN RETURN CONFIRMING LOWER HIGH AND HIGH LOW FORMATION

USE RALLIES TO SHORT ON HIGHER TIME FRAMES THE MONTHLY ENDING OF THE CHART INDICATE A BEARISH ENGULFING PATTERN SOME SERIOUS MOVEMENTS ARE EXPECTED ON DOWNSIDE

Comment:

WELL WE HAVE HEADED TO OUR TARGET WITH SOME SHARP MOVE A SHORT TERM RALLY FROM THE LEVELS OF 10580-590 IS DUE TILL LEVELS OF 10730-750
10770 WILL NOW ACT AS RESITANCE FOR UPSIDE

Comment:

WELL WAVE "A" HAS CORRECTED MORE THAN ANTICIPATED SO WE ARE NOW HEAVILY IN OVERSOLD ZONE ON SHORTER TIME FRAMES
MONDAY MIGHT SEE SOME SHARP RECOVERY AS I THINK GOING TO 9960 LEVELS IS NOT THAT EASY AND PLEASE NOTE THAT 9960-20 IS OUR MEDIUM TERM TARGET

Comment:

WELL A SHORT TERM BOTTOM MIGHT HAVE BEEN FORMED AROUDN 10200 LEVELS
AS EXPECTED AND MENTIONED ABOVE MARKET HAS SHOWN SOME POWERFUL SHORT COVERING TODAY.
WILL CONTINUE TILL IT TEST 10770 I THINK SO AND ALSO WILL BE MARKED AS WAVE B

Comment:

We are well ahead of analyst predicting our next move
Hold on to gains tgt of 10750 is open now
Dragonfly doji is formed strengthen macro factors and short covering will pull the market to desired result

Comment:

well markets have snaps gains of WAVE B in a single day
please note
"WAVE A-TO-B-TO-C CAN FORM A DEAD-CAT BOUNCE"
where the first hit@10200 weaken the support and the boucne till 10700 will give more force to the bears to break the support and finally end near 9950-9920
if 9950-20 fails the next crucial support will be 9700
long term traders can now wait till 10000 levels to add to their portfolios on each dip using sip method

Comment:

well i am assumption is that WAVE B might be completed hear giving or signaling a zig-zag formation right now
WAVE C NOW MIGHT COMPLETE AT 10200 AND IF BREAKS THEN 9950-20 MIGHT BE THE
LEVELS.