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pradipandsuvra

NIFTY - Triple Bottoms on uptrend - 5th Elliot impulsive wave

Long
Nifty 50 Index (NSE:NIFTY)  
pradipandsuvra  
NSE:NIFTY   Nifty 50 Index
Chart Patterns Wave Analysis nifty50 niftyanalysis niftytrend elliottwaveprojection roundingbottom
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chartpattern waveanalysis nifty50 niftyanalysis niftytrend elliottwaveprojection roundingbottom
I am seeing this in the NIFTY cash Daily timeframe.

Are you guys seeing the same? Or I am hallucinating (at 10:30 PM night J )


Observations:

  • 3 rounding bottoms formed in an uptrend.

  • There is a clear ascending triangle

  • Now the interesting part is: if we take 20th June as the starting of the wave, then it is aligning perfectly to A, B, C, D waves. All the conditions are met (like wave-3 is max, wave-2 is 60% of wave-1).


Going forward

  • Ongoing impulsive wave-5 will be similar to wave-1. So the top is coming around 16575.

  • The correctional wave-1 (Point-5 to Point-A) coming around at 16200 (Point-A)

  • The correctional wave-2 top (Point-A to Point-B) is coming around (some June-7 level) 16500.

  • The correctional wave-3 (Point-B to Point-C) bottom coming around (similar level as wave-4 as in uptrend move) 15950 (Point-C).



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