This is the most common diagonal that can be found out at the ending of a main trend or main correction. It consists of all the waves 1-2-3-4-5 in a single or multiple zigzags. They can be found placed at 5th wave of an impulse wave or can been seen as a wave ‘C’ of a corrective waves zigzags or flat. After the termination of the ending diagonal , a swift & a...
This is the most common diagonal that can be found out at the ending of a main trend or main correction. It consists of all the waves 1-2-3-4-5 in a single or multiple zigzags. They can be found placed at 5th wave of an impulse wave or can been seen as a wave ‘C’ of a corrective waves zigzags or flat. After the termination of the ending diagonal, a swift & a sharp...
Elliott Wave Theory is a way to organize the market into waves and sub - waves . This strategy is useful for identifying patterns in several timeframes . These structures usually follow Fibonacci Retracements . The main structure is a five - wave patterns ( or impulse ) for a rally or drop . The ABC ( or consolidation ) pattern Usually acts as the next wave movements .
After completing the super cycle W5, Nifty entered into what could possibly be a correction (or a bear market?) in text-book style leading diagonal pattern(Wave 1). Currently its either approaching end of Wave 2 or already just completed W2. Expect Wave 3 to be nasty and swift and deep.
Target Date: Likely by mid to end of June
Target correction: 10 to 20%.
AUDJPY Analyze- 9 PM (TH)- 01/06/2021
We are in the wave of the second set of non-standard small x of wave x3
OR Wave A of x3
Which the price is forming last wave v of wave A
and in a deeper degree, it is wave (iv) of wave v
Where are we?
x3 - A - v - (iv)
Plan to trade for tomorrow
1. Wait for wave iv to retrace at red resistance horizontal line at 38.2% or...
It can be any of these 3 cases
1. Wave x is correcting to make the triple combination - UP
The price must not come down more than 1.21557 OR
2. Wave (a) - (b)- (c) zigzag is just sub-waves of wave a - Down
The price must confirm at least 1.21557 to form wave b at 61.8% Fibonacci OR
3. Wave 5 is finished - UP
They are changing trend the price will...
The price has the potential to come down to 1.22808(50%) or lower and then follow by wave bullish candle to form wave an of wave 5.
You can bid at 1.22808 (50%) or 1.22744(61.8%)
Stop-loss a little bit lower
Target at least previous high 1.23092
Risk reward estimated a little bit more than 3:1
Trading strategy :
Key level is 210
1. Go long above 210 keeping a mino Stop loss of 203 , for the target area of 240 & later 280.
2. Go short below 210 if it starts rejecting from the zone of 210-220 for the target of 190/175.
3. If it starts taking support near the zone of 175-180 again go long with that recent low as SL & ride till 210 & above 210 follow plan 1.
View is valid only below 395 levels- Do not sell if stock not falling below or holding above this level.
Looks all mess upside & choppy moves. Possibly finishing Wave-x (circled) within Wave-Y. Only if Index Nifty moves above 12025 - I will avoid selling else -I am looking for steel to fall in final wave -Y
Targets - 385-387 / Below 385- Target -370 / Below 370...
TATA COFFEE : The stock is travelling in a impulsive channel & currently the wave 3 is unfolding. As per the internal structure we can clearly see that, the wave 3 is being extended & look like it has completed its 4th of third wave. So we can expect an upside move in the stock to complete its 3rd wave. One should look buying opportunity if the prices sustain...