NIFTY : LAST LEG OF MEGAPHONE

Aug 10, 2019

NIFTY has been trading in very restricted range for last few quarters. The arrested wave has been creating complex corrective structure in 3-3-3-3-3 triangle (looking like megaphone) sideways denoted as A through E.

With all subwaves printed it's very evident that its last leg of megaphone towards 10430 region. The last leg of triangle also conclude the complete corrective structure of wave 4 and will follow with fresh advance for making new highs above 12500.

I'll be reviewing this chart very closely with regular updates. Follow this chart closely and if any questions or clarification please do not hesitate to approach in comments. Other Elliottician , I'll be happy to get peer reviewed the counts with follow on discussions.

Happy Trading
Robus

Aug 13, 2019

Note

There is alternate count for these chart. Bear case towards sub 10k levels

Aug 18, 2019

Note

We are in sideways for now in 11250 - 10900 range.

Sep 20, 2019

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It was amazing breakout from the downward channel but I still suspect that all is not done. This was more off short covering with new longs and would wait for any indication of reversal to upward trend. Anything beyond printing 10700 would suggest new high of 12500ish

Nov 8, 2019

Note

Slowed down. Expect profit booking here towards 11800-11600 range.

Dec 24, 2019

Note

Approaching the fib levels. Time to book profits

Mar 9, 2020

Trade closed: target reached

Missed 12500 fibs by 100 points. I see the bottom at 9900. Good Luck.

Mar 13, 2020

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Wow breached 9000 like a cake

Mar 23, 2020

Note

6500 is 50%. Watch those levels