Nifty looks be in deep correction currently in 4th wave which should be flat, triangle or complex correction towards 0.382 fibonacci levels.
5th wave to start after this correction.
Alternative
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Technical analysis provided on the chart is solely the personal views of my research.
You are...
Shyam Metalics and Energy seems to have completed ABC zig zag correction at 300 and came out of channel.
Channel breakout confirmed after it crossed 338 and while coming out formed rising wedge pattern or leading diagonal pattern.
Leading diagonal are found at start of new trend.
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Technical...
Wave B is complex correction which retraced more than 0.618 fibonacci level of wave A.
Wave B can strech upto 16695 which is 0.382 fibonacci.
Stop loss of this analysis will be 16703 just a point above all time high.
Downside C wave targets would be 16400 or 0.382 fibonacci level retracement 16250.
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Nifty 15 min chart looks wave iii completed today for upmove started from 16162.
Wave iv is expected to end between 16505 which is 0.236 fibonacci retracement or 16453 0.382.
Consider 0.382 fibonacci retracement wave V target will be 16716 if reversal takes place from 16505 the target will be 16770.
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Banknifty looks to have completed Wave "a" 5 wave structure and currently in wave "b" which double zig zag correction towards 0.618 fibonacci level.
Short can be initiated if opens below 35533 for target 34400-300 with SL 35623
From zones near 0.618 fibonacci level 34400-300 expected to take support and bounce up as wave "c" for any of 3 targets...
Nifty in Final Z wave of complex tripple three correction.
While coming down it is always making abc corrections then they are getting converted into double or tripple three correction internally in this triangle like structure.
The last wave Z itself is complex, currently can be said to be in double three correction with a and b done.
c of y can turn to ending...
Long 75 stop loss 67 targer 92-112
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your...
Reliance we had captured many points on all side- bullish, bearish and range.
All links to the previous idea below. Watch all the ideas and see all the sides we captured some moves.
Price action is the kind. We don't need patterns, trendlines, indicators, moving average, or volume. Use it just as a support. I do the same and see the results.
Now if sustains...
Personally doesn't fall in to my setup yet, but seems bullish for 1167 and 1197 levels.
See my other setups for such simple analysis and accuracy.
Regards
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