It appears to have completed a pullback of the IHS breakout it gave last week. It could rally till 215 & 245 as long as it does not go below 180
Wave 3 was quite steep and strong. So we have Wave 4 quite boring and it seems it is now forming a Triangle. Keep on radar.
Classical Chart where you can see internal counts very clearly. Structure is still bullish and 10200 is the strong and ultimate support now.
It seems we have a Running Flat in Wave 4. Structure is looking quite bullish.
Both CNX FINANCIALS & NIFTY PVT BANK indexes have made Bearish Harmonic AB=CD which also happens to be v close to their weekly & monthly Ichimoku resistance. Financials could retrace till 10500 while Pvt Banks could retrace till 11500. View would negate if they move and sustain above 11500 & 13100 respectively.
Probable Wolfe wave. Not any kind of suggestion, for education purpose only. This is my personal view only.
Pidilite would be interesting to watch from here. Looks we have a leading diagonal and now a bounce from here may turn out to be impulsive move.
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It looks we are still in Wave 3. Within Wave 3 we are in the 5th of 3rd and the current retracement is the 4th of 5th of 3rd wave.
Looks we might be on the verge of 5th wave rally.
Elliott wave Principle at its heart is a technique to draw correct trend lines . If drawn correctly the waves will always be in proportion and there will be lesser surprises. In the chart corrections in wave 4 are shown at different degrees of a trend . Since market is a fractal the same formula can be replicated at lesser and lesser degrees. Regards
Classical TFT Buy set up that we cover in our EW course.
In weekly time frame it will activate a Bearish Ichimoku C Clamp if it closes below 3900 tomorrow. In daily time frame it has entered inside a Kumo (suggesting increase in volatility) It could retest 3650/3350 where it has strong support. Resistance at 3925 and 4000