Double Zigzag wave y in progress
Updated
So far we are seeing corrective price action unfolding in nifty in the form of double zigzag pattern(WXY).
we are done with wave W and wave X,and wave y move started on 29th march when index crossed 17300 on the upside.Of this wave y we are seeing wave A achieving it's 61.8% extention target at 18054 and taking pause there after, suggesting wave B has started.This wave B can retrace wave A by 61% which is coming at 17660,but it's a guideline and not elliot's zigzag pattern rule.
Ideally one should wait for retracement for getting long in index,as we are nearing 55 day time cycle topping zone(8th april-10th april).One should avoid shorting at this moment because we still havent got a bearish hourly candle which has closed below it's previous candle low.
For upside move one should wait for hourly close above 18100.
Disclaimer:This are just my personal views sharing it for my future reference,no position should be initiated on its basis
we are done with wave W and wave X,and wave y move started on 29th march when index crossed 17300 on the upside.Of this wave y we are seeing wave A achieving it's 61.8% extention target at 18054 and taking pause there after, suggesting wave B has started.This wave B can retrace wave A by 61% which is coming at 17660,but it's a guideline and not elliot's zigzag pattern rule.
Ideally one should wait for retracement for getting long in index,as we are nearing 55 day time cycle topping zone(8th april-10th april).One should avoid shorting at this moment because we still havent got a bearish hourly candle which has closed below it's previous candle low.
For upside move one should wait for hourly close above 18100.
Disclaimer:This are just my personal views sharing it for my future reference,no position should be initiated on its basis
Note
NIFTY HAS REACHED NEAR IT'S WAVE A 50% RETRACEMENT LEVEL OF 17660.ON THE DOWNSIDE WE HAVE GOOD OI BUILD UP AT 17500 ON THE CALL SIDE AND 61.% RETRACEMENT OF WAVE A AT 17550.HENCE LOOK FOR BULLISH REVERSAL CANDLE ON HOURLY CHART BETWEEN 17550-17660 ZONE.IF WE GET BULLISH REVERSAL CANDLE AT MENTIONED SUPPORT LEVEL THEN GO LONG WITH A STOP-LOSS OF 17470 ON THE DOWN SIDE HOURLY CLOSING BASIS AND ON THE UPSIDE TARGET WOOULD BE 18000Trade active
we have a hourly candle close above it's previous candle high on the hourly candle that finished at 12.15 pm.long trade active at 17720 sl wud be 17600 and tgt wud be 18000
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