Drawing the TL (trendline) is really important. It gives you a hypothetical idea about which & what way the certain stock or index is heading.This is an hourly TF chart of NIFTY . I have segregated the trend in to four parts by plotting the trendline A,B,C,D.The last line ie D is the major support in short term. In terms of price the support stands to be at 17731.
BRIEF ABOUT CURRENT SCENARIO:
Currently NIFTY is taking TL "B" as resistance and even it's all time high as resistance (focus on the red line 17911.70 ). But there is something i find positive about NIFTY is by wave countings it is in the process of completing wave 5th and it is taking 0.786 retracement level of the previous trend as support. NIFTY will head for the TL "A" once it crosses, closes and sustains above TL "B".
TARGET:
The next probable targets for NIFTY is TL "A" , the GANN LEVEL ie 18110.90 and the extended golden ratio level ie .18253. 40 .
EXTRAS:
The line chart of the very same chart has been given in updated idea section for a better view and understanding.
Please like and Follow.
CHART & ANALYSIS BY - ADARSH DEY
BRIEF ABOUT CURRENT SCENARIO:
Currently NIFTY is taking TL "B" as resistance and even it's all time high as resistance (focus on the red line 17911.70 ). But there is something i find positive about NIFTY is by wave countings it is in the process of completing wave 5th and it is taking 0.786 retracement level of the previous trend as support. NIFTY will head for the TL "A" once it crosses, closes and sustains above TL "B".
TARGET:
The next probable targets for NIFTY is TL "A" , the GANN LEVEL ie 18110.90 and the extended golden ratio level ie .18253. 40 .
EXTRAS:
The line chart of the very same chart has been given in updated idea section for a better view and understanding.
Please like and Follow.
CHART & ANALYSIS BY - ADARSH DEY
Comment:
The line chart for a better view and understanding.
Comment:
As mentioned above "it is taking 0.786 retracement level of the previous trend as support". Today's morning low before a good bounce was near 17841 Level.
Comment:
A move of nearly around 100 Points after taking the mentioned level as support
Comment:
A high was created above the TL "B" at 18040 Level. But it gave a closing just below TL "B". Leaving the situation still confusing for traders.
Comment:
Nifty is in Wolfe Wave if it sustains below 17863.50(A crucial support on hourly closing basis) then some bearishness can be seen for 17675 & 17626.
Nifty is in Wolfe Wave if it sustains below 17863.50(A crucial support on hourly closing basis) then some bearishness can be seen for 17675 & 17626.
Comment:
Mark the black horizontal line today's low was 17864.95. Didn't went below the level. Result was a sharp up-move
Comment:
As mentioned "The next probable targets for NIFTY is GANN LEVEL ie 18110.90". It is achieved.
Comment:
Target of TL"A" has been kissed by NIFTY
