The current price action has formed a bullish triangular pattern which suggests that one should go long with SL of 67$ & look for the target of 71$ -72$
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 .
In this video one can learn a lot about elliott wave counting as specially when one pattern is violated, that is what happened today as we were expecting triple zigzag pattern ended at 14151 but after breaking upper wedge line price breaks the same wedge line on down side which violated the pattern. Now what next is explained in detail.
Thanks for watching
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Nifty given very good up move as of now from 14273 as we were expecting in our previous videos. Now after breaking upper wedge line nifty need not to break the same wedge line for up move to continue. In this video I have explained detailed wave count from recent low 14151.
Thanks for watching
Have suggested already -its all choppy & messy suggesting that fall in Reliance is pending -which can take stock back again to 1830 & once 1830 is taken out - fall can become more serious. Trade carefully. Thanks
The Y- Wave Next for 1980-2000 Levels
• Final Waves could be unfolding for the sequence which started from 2008/2009 bottoms post
financial crisis
• Suggesting Corrective Flat Sequence WXY from 2008/2009 Bottoms till it moves slowly & in time
consuming pattern – taking this as primary or main view.
• Wedge or Diagonals are Time consuming patterns which can be a possibility once more...
Last Price- 1970
Hope you enjoyed the selling at the tops of 2100
Channel Support at 1950's could support the stock & If drops below 1920-1950 that will be next clue for the stock to do bigger damage.
Happy Trading!!!
Last Idea - Corrective 1st Leg Done at 2120...
Target achieved 2018 to 1900 as expected ( Recent Low - 1905) 🎯🎯🎯as per last idea
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Most Important Resistance ⚠️ 2022 ⚠️
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Trading Strategy
Plan A
Started from the bottoms close to 1900 on 7th /8th Jan2021- Most Important ⚠️Support Level⚠️- Look...
Note- View shall be valid only below key level- 209.40
Expecting a fall below 209.40 for 164. Shall review later once we get more price updates moving forward.
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Last Idea on ITC (Fall Below 209.40 to 165)- Count Seven & Go to Heaven...
Trading Strategies
Buy Only If Bank Nifty Holds Above 30200 for 30750/31000 Target
Sell Only If Bank Nifty Slips below 30200 - Downside Target is 27750-28000
Trigger Point - 30200
Last Price - 1947 / 17:13 Hrs / 5th Dec2020
Traders Sell Only below 1895 for
Target- 1835 /1750
*Not falling below 1895 will suggest Wave-4 is still on going & will take few more sessions to complete
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Last Selling Done at the Tops of 2095...
This is short term view & holds valid till Nifty Index holds above 12625/12650 - You can expect impulsive move towards 12770/12850 - targets upside ( careful at tops) - if crosses 13K then structure has to be reviewed back. Thanks
You need to be careful as suggested in closing comment of Reliance Idea published last (mentioned...
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...
In monthly chart wave completed at 6357, wave completed at 2252,
and in wave may be 5th wave is running from 7511.
38% projection of that wave (5) is already achieved but it is below earlier high and 61% is coming at 13598. so wave (5) completion range can be 12428-13598.
