AbhishekHSinghCMT
Long

Nifty- Can you recognize the path?

NSE:NIFTY   Nifty 50 Index
511 views
The fall of 8968 - earlier I told -it's all overlapping & going into the zone of 8480-8490 which is a maximum downside when it was struggling last week between 8550-8600 is what I can see & going I won't be surprised if it goes for a deep retracement like 8850-8900 in coming days.

The only problem is financial markets never move in straight lines so likely upside movement from 8570 to 8678 today could be A-leg upside & we shall see retracement or dull movement in 1-2 days next for the final set of upside movement in the zone 8850-8900- where I have also updated that it should not go above 8968 highs otherwise downside leading diagonal becomes invalid.

Regards,
Abhishek H. Singh, CMT


Trade active: 07:50 Hrs 19th Oct2016

Last Price@8678
Leading Diagonals are always retraced deep & surprises market traders -this time it surprised bears again.
Likely we will look for retracement as opportunity to take long positions.

Shall comeback & monitor for the retracement.
Trade active: 09:10 Hrs 19th Oct2016

Our favourite figure is 8690 from old updates so any move above or just even sustains above that level- likely we will go to 8750-8760 next resistance zone.
Trade active: 14:19 Hrs 19th Oct2016

Day's Low@8636

Last Price- 8681
Nifty made a low approx same time as Bank Nifty made a low@19322- Vow - Both started upside- Amazing
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave

Comments

hi abhishek ji
diagnols are expending or contracting.. can u plz explain more about ur EW count?
Reply
AbhishekHSinghCMT Gopal_Dhamija
From 8968 highs its basically 5 waves i-ii-iii-iv-v & each of those waves are divided internally 3-3-3-3-3 waves which is one type of Diagonal Type-1 or Leading Diagonal. Others are telling it is zigzag- I don't deny -if it is zigzag, then 8968 should be crossed & we should have a new highs & if it fails & goes below 8505 then it will confirm that we had the leading diagonal type-1.
Reply
Gopal_Dhamija AbhishekHSinghCMT
plz have a look clearn 5 waves IV to V in ur chart?
Reply
Gopal_Dhamija Gopal_Dhamija
m new to EW count... can u provide any reference mateiral (web link)?
thanks
Reply
Gopal_Dhamija Gopal_Dhamija
it's a zig-zig (double) for me>>...
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AbhishekHSinghCMT Gopal_Dhamija
I said above -it could be a zigzag- I am not denying
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AbhishekHSinghCMT Gopal_Dhamija
What here?
Reply
I am counting this move as a double zigzag
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Here the point is not about what you count a leading diagonal or zigzag. If it is a zigzag likely it will make new highs above 8968 & if it fails to go beyond 8968 & starts falling then its definitely a leading diagonal. This up move i predicted 4-5 days back which has really worked well. Talking about future let us wait & watch the market drama.
+1 Reply
In diagonals (both leading and ending) the end points cannot be truncations, or in other words, you cannot have expanded flats within the diagonal.

Your wave (iv) does not go above the 8807 high, which is the problem.
Reply
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