Elliott wave analysis:-
Running Flat took place with B wave as triangle. now an upside move is expected.
i am not a SEBI registered advisor. Before taking a trade do your own analysis or consult a financial advisor. I share chart for education purpose only. I share my trade setup.
Elliott Wave Analysis:-
View 1:-
A fall was completed an impulse 1st wave seems to be completed and an correction 2nd wave seems to the impulse was taking place.
If the high 18.85 was not broken then the previous low 8.50 have to break and we can accumulate around 5-7. which will be a safe bet. It has 70% govt holdings. only reason to touch this chart. if...
banknifty one hour chart create flat pattern | banknifty wave A down side three internal wave abc and time 8 days and upside go 8 days wave B complete and again go down wave c
Banknifty price move upside flat correction see some rule
Rule 1: Wave A should be a 3 wave structure.
Rule 2: Wave B should be greater than 61.8%of Wave A.
Rule 3: Wave C is greater than 38.2% of Wave A. ...
Pattern: The type of pattern will show alteration in Wave A and wave B.
After Double Zigzag, new Impulse Phrase has started and 4th wave of Primary degree is forming,
as we all know that corrective 4th is the accelerator of 5th wave . so , if we will find the ending point of wave 4 we can ride on the 5th impulse.
Competition of Fifth wave will also provide us the ending point of 1st wave higher degree.
It looks like the correction Phase is complete at wave (c).
focus on key levels will be beneficial. we are going to ride on wave 3.
wave 4 can't exceed the starting point of wave 1.
There is invalidation below 2044.
I will upload Lower Timeframe analysis.
RVNL making a flat triangle pattern o support .. if it breakes the upper trendline there's a opportunity for buy and if it goes down the support line we can short ..
15 week base - flat base on daily and more of CUP on weekly charts after strong prior trend of 284%.
Good fundamentals. Sugar sector also moving in sync.
Retest after BO done. Need to hold BO line. Can go for 200 which is ATH.
howdy Traders ,
you can clearly see that FIVE wave impulsive phrase Has just completed and we are at corrective Phrase.
wave A is impulse and when we are focusing on subwaves so 4th subways is ready to be completed !!!
if we want to make money we will focus on 5th impulsive subwave.
if wave A will finsihed only with 3 wave pattern so we will go for 3-3-5 wave...
8 weeks flat base.
3 T VCP : good volatility contraction.
Extreme volume contraction.
434 is 100 WMA so probable resistance.
Target - 420 at least i.e. 200 WMA.
Monday's scenario -
Flat > It has breached 8/1 Gann level which will act as support and the target could be 1/4 level which will act as resistance.
Gap-up > It could face resistance at 1/4 Gann level and come down.
Gap-down > It may lead to fall upto 1/8 level hence after that we may see a quick reversal.
