bimalscave

ELLIOT FORECAST FOR 05 AUG 20

Short
NSE:NIFTY   Nifty 50 Index
ANALYSIS BASED ON TECHNICAL PARAMETERS ( NO NOISE)
NIFTY TODAY WITH THE GAP UP EXHIBITED THE INTENT AS I EARLIER SAID IN MY PREVIOUS POST...HOWEVER,THE MOVE THAT WE SAW TODAY IS A CORRECTIVE MOVE(I APPRECIATE, YOU MAY DIFFER)....SO THE PRIMARY FALL THAT WE SAW IN PREVIOUS SESSIONS IS NOT COMPLETE AND WE CAN EXPECT AN ANOTHER IMPULSIVE FALL FROM TOMORROW ON WARDS.BUT THE DEPTH MAY BE LIMITED TO 200 SMA AGAIN.IMPORTANT LEVELS ARE AS MARKED IN THE CHART.
ASSIMILATION ONLY FOR EDUCATIONAL PURPOSE
TRADE AS PER OWN RISK ASSESSMENT.
Comment: NEUTRAL TO NEGATIVE BIAS...
WAIT FOR RIGHT OPPOTUNITY.
Comment: GUYS APOLOGIES...YESTERDAY PLOTTED LABELS ON 5 MIN CHART AND PUBLISHED 15 MIN CHART...THIS IS DUE RESTRICTION OF THE SITE.IT DOESN'T ALLOW TO PUBLISH 5 MIN CHART. THATS WHY THE CONFUSION MUST BE APPEARING IN YOUR MIND...NEXT I WILL ENSURE TO PUBLISH 15 MIN LABEL/ ON 15 MIN CHART

Comments

I feel, Wave B is not complete as yet ...what we saw today was 'a' of B... tomorrow should be either gap up opening or if it opens from where it closed, a minor rally till 11135 levels, followed by a drop till 11000 (+/- 20) .. that would be 'b' .... then a rally till 11300 (+/- 20) ...that would be 'c'... then, the final Wave impulsive wave C should commence... Not saying in any way that all these moves will happen tomorrow .. Expecting tomorrow to be a slow move day with negative bias ... Views are purely personal
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bimalscave raj0778
@raj0778, VALID POINT BRO...LETS WAIT HOW IT PLAYS OUT.
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@raj0778 πŸ‘ŒπŸ‘ŒπŸ‘perfect prediction
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raj0778 nethajiar97
@nethajiar97, thanks πŸ™πŸΌ .. Bearish view for 06 Aug continues
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@bimalscave Sirji, I'd requested you for the overall count in Private message but didn't get it. I request you to kindly go thru my below message and correct/ rectify if I am off track.

My count is - 7511 to 9889 was an ABC. Then a B wave till 8806. From there C started as an impulse. Within this C my count is

Wave 1 - 8806 to 10328
Wave 2 - 10328 to 9544
Wave 3 - i - 9544 to 9996 or 10046; ii - 9996/ 10046 to 9728, iii - 9728 to 10553, iv - 10553 to 10224 and v- 10224 to 10894
Wave 4 - 10894 to 10563
Wave 5 - 10563 to 11341

Therefore, From 11341, what has started should either be an X wave or a new impulse down. In the fall from 11341, Nifty has completed an abc at 10882 and has shown a pull back to 11112 (so far). This pull back to 11112 so far is a 3 wave move and can extend upto ~11152 - 11166. From there, the next leg of downmove should start...

Is the above correct??
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bimalscave practicalbull.mmb
@practicalbull.mmb, May i ask you something?? The entire leg what we are seeing from 7511 till now what is that?? is it impulsive or corrective. what about the gap up???
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@bimalscave, I don't know.. but the 1st part doesn't look like a conventional impulse.. Moreover, the move from 8806 has taken far too much time and without any runaway gaps and hence I don't think this is a *3*. Hence had labeled the move from 7511 to 9889 as an ABC..
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bimalscave practicalbull.mmb
@practicalbull.mmb, The first wave is a leading diagonal with a clasiical throw up for 5th wave i.e from 7511 to 9889.So the entire leg till now is an impulsive wave.
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@bimalscave, Ok. So, in that case, wave 3 (i) has ended at 11341 and we should see a 50-60% correction of 8806 to 11341 as wave 3 (ii) . Correct??
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bimalscave practicalbull.mmb
@practicalbull.mmb,second question can a 3rd wave be a diagonal...and do always diagonal 1 and 4 wave overlap.
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