Nifty Wedge/ Parallel channel Formation Elliott wave Analysis
Updated
Today Nifty opened gap up and invalidated assumption of impulsive down moving Elliott wave.
At gap up 11248 it confirmed since wave 4 touched wave 1 now its forming a wedge or parallel channel.
Where wave 4 should end near 11268 which is 0.618 fib level. Next fib 0.786 11311.
Stop loss 11325
Resistance 11270-85 will be difficult to cross.
Wave 5 should start downside and end near 11055.
Disclaimer: Calculated and plotted values may differ little with actual stock movement. Plotted wave count can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
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At gap up 11248 it confirmed since wave 4 touched wave 1 now its forming a wedge or parallel channel.
Where wave 4 should end near 11268 which is 0.618 fib level. Next fib 0.786 11311.
Stop loss 11325
Resistance 11270-85 will be difficult to cross.
Wave 5 should start downside and end near 11055.
Disclaimer: Calculated and plotted values may differ little with actual stock movement. Plotted wave count can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
Please hit like button that will motivate me to do more. You can donate Trading view coins as well. Thanks :)
Trade closed: stop reached
11325 Hit. Analysis invalid
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