All wave counts illustrated for easy understanding , I am not confusing viewers . if any one prove that i am wrong , please comment
Comment
⋅
For bullishness in NIFTY First thing is to retrace wave 'B' which is @8736.Hence our First target is 8740 ,cover all longs near 8725/30
Comment
⋅
short covering,gap up opening will be enough for nifty to reach this level, U.S Markets already in New historical highs.TRUMP made history
Comment
⋅
watch 8758 ,23.8% support if it respected our bullish count intact, nifty has to consolidate here, 4th wave of 1st leg
Comment
⋅
the above count still valid if nifty fall arrested at 8300,which is 50% of first leg
Comment
⋅
8127 is the final 78.6 support where every buyer look in to jump in.still there is no change in my count. now 8127 is the end of wave 2
Comments
nirav5
⋅
Wow! You are back with the bang! Superb analysis. Thanks
selvamB
⋅
Yesterday I made huge money.while watching the recovery I found that a new 5 th wave emerging which cancelled all the fall.now bank nify will support to reach the tgt .till now nifty P/E is hardly 1,not over bought
nirav5
⋅
@selvamgeetha, I was confuse with my wave counting. I was considering 8960 as a truncated 5th wave.
selvamB
⋅
@nirav5, It may be correct ,but IF yesterdays recovery crosses over 8736,the( B WAVE Top)then we can call THIS UP MOVE forming an ORTHODOX TOP
jayanandha
⋅
No you are not confusing. Wave count is clear
neilroy7
⋅
Your counts are really good, but in wave "5/1" your wave 3 is the shortest of all the other waves in the impulse (i.e, 1 and 5), which is not possible, rest seems to be really good work done.
selvamB
⋅
@neilroy7, thanks for your comment,whenever a new rally emerges from existing bear market, the first wave 5/1 will be powerfull because of short covering.
in elliott theory any one of five waves should be impulse,therefore it is not necessary that 3rd wave must be longer
ShanTrader
⋅
Thank you for posting the chart. I had a similar count in mind. The last leg of x-ABC seems to be over. Now the next move is expected to be up.