When I said the target for NIFTY(9400) about two months ago nobody(including myself) benefited by keeping long position. No wonder that is human psyc. NOW see the chart for 5 completed motive waves,the WAVE 5 is struggling to pass 9375 which is 0.618 times of wave 1 next week we have a definite answer. the MAGIC number is 9220. if 9220 supported we have another upmove 5=1 but DOW is matured for correction let's celebrate BEARS.....GO SHORT....BELOW 9220 HAPPY TRADING
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invst.ly/3wq5u above link gives a clear picture in hourly charts. wave 5(9377) is 50% external retracement of wave 4 .Fridays PRICE ACTION strongly refused to go above 9377
We are far from over . We are actually in a flat correction at the micro wave 4 correction which should be over in another 30 points may 9241 . I mean to say that we are near the end of the correction . I will change my wave count if something very drastic happens. But this wave count has served me well since January. Though I had to scale up the degrees which also happened with Bank Nifty . So in this market whenever a 5 wave structure is completed wait ..You might need to change the degree itself as the market is scaling up at degree level.
@joel-vg, This micro level wave 4 has not ended. It is a complex sideways correction . As 4th waves are . Since it is an expanded flat it should go down a bit. But a powerful move is ahead. So u need to move that blue 4 a bit further down. That blue 5 is not the 5 . But a overlapping b wave. Pls free 2 discuss Elliott Wave with me . We can learn frm each other. Since I am no expert . But right now I am a CEWA 2 student.
joel-vg
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@AJAYSHARMA,
The above one labelling of 4 and 5 is incorrect
but the labelling of abc is correct- like you said - it is an irregular correction
looks like wave 4 is almost in completion stage
i do not expect nifty spot to go below 9260
target in nifty spot is above 9400
n.b- above chart is not mine - hence couldn't make any correction in it
AJAYSHARMA
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@joel-vg, Just see if u can change the counts. 9143 the key level. Just check . We need to be dynamic with wave counts .
AJAYSHARMA
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@AJAYSHARMA, A more scary count . where Y is a zigzag . So u can expect a rally next week If this is correct sell on a rally. But again 9143 is the key https://level.https://in.tradingview.com/x/qrJm3CdI/
@joel-vg, We have 2 lick our own spit in the market many times . Only market is correct . We need to position ourselves for impulse waves in the market either up or down. Stay away frm corrections like now . U can follow an impulse wave down in Tata Motors till 390 atleast at present . Further 4 a long secular move take position in Bajaj Finance at 1240 and IOC at 420 . Hold the future contracts on 3 month basis 4 1 year . I am sure u will be rich.