Will ICOMDEX Energy reach 7500 Before March?
ICOMODEX ENERGY is forming an impulsive wave 3.
Price has finished the corrective wave (iv)of wave 3, and the price is forming an impulsive wave (v) of wave 3.
Price is about to make the last leg v.
If the price breaks the high of w. iii, it can make an upward move of 7135 - 7290- 7355 -7477.
After the accomplishing of wave 3, the price will fall and break the acceleration channel.
What are the turning points for the prices?
+ Wave v can finish at 2.618 (7477) reverse Fibonacci retracements of Wave iv.
+ W.(v) can finish at 2.618 (7167) reverse Fibonacci of w.(iv)
+ 3rd wave can end after the breakdown of sub-channel.
I will upload further information for intraday traders.
Elliottwaveprojection
Nifty Tomorrow wave 3 or C to start UpNifty completed today one five wave sequence up at 17220 then in b or wave 2 correction.
Tomorrow any dip below 17000 to 16980 will get bought in for upside towards 17360-540 levels.
Gap up opening or move above 17100 will be first confirmation of rally 2nd confirmation will be swing high 17175 break.
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
CRUDE OIL : A possible leading diagonalLEADING DIAGONAL: In a leading diagonal , waves 1,3, and 5 are all impulsive in nature or all in corrective form of zigzags. Wave 2 and wave 4 are always present in a zigzag form. A leading diagonal suggests the starting of a new wave & that is why it can develop wave 1 of a impulse wave and a first wave of a zigzag pattern.
TRADING STRATEGY:
Buy Crude oil : 89-89.5$ keepin SL of 87.8$ look for the target of 93.3-94.3$
US Oil or Crude Wave 4 Expanding flat correctionCrude seems to be in expanding flat correction as wave A of B is clear 3 wave structure and B wave moved past start of Wave A.
Wave C of B is extended 2.618 fibonacci levels. Wave 5 of C of B is getting rejected at 0.618 fibonacci level also MACD have given negative crossover these are couple of negative signals.
Break of swing 88 will confirm downside as it will come out of channel. This will ensure movement towards end of wave A.
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
NSE PEL Is Preparing for 2400 - 2301Targets:
Traders can initiate short positions for the following targets:
2400 - 2376 - 2301 - 2279
BUT DON'T TRADE BLINDLY . Read this following research to get how it is making selling opportunities for the intraday traders.
PEL is forming a double combination pattern on the 4-hour timeframe chart. Price has constructed LL(lower-low) and LH(lower-high) to confirm the bear's existence.
Wave Formations:
Wave (W) is a double zigzag formation with seven wave structures.
Wave (X) is a contracting triangle with five sub-wave structures.
Wave (Y):
Sub-wave wave A & B has occurred, and wave C is progressing.
Sub-wave B has completed at 61.8% Fibonacci retracement of wave A at 2531 .
The culmination point of wave C:
Wave C can end at 61.8% of wave A at 2279 .
Wave C can cease at 50% of wave A at 2333 .
Wave C can conclude at the control line, and 61.8% of wave ((w)) at 2376.
After completion of wave C, the price will start its bull run.
AUDUSD: Corrective sequenceKeeping SL of 0.71852 one should go short on AUDUSD for tgt of 0.70550. It looks like pair is corrective in a three wave fashion after formation of a leading diagonal.
Sundaram Clayton Rounded Bottom formationStock looks to have completed Expanding Triangle pattern in wave 4 and have bounce after taking support near 3700.
On longer term horizon stock is making rounded bottom pattern which after completing should make cup and handle pattern.
Wave 5 targets Entry and stop loss as per charts.
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
Asian paints case study: using Elliott wave & price action.
Asian paints had corrected more than 16% in just a month .
After 101 days, the price is back to the strong support zone.
Price has made a kangaroo tail/hammer candlestick pattern on the support zone. 200EMA is also near to price.
Wave principle is also giving a similar explanation.
There are three confirmations to find the ending point of wave four.
1. Price can take 61.8% retracement of the 3rd wave at 2782 , which is also a monthly support level.
2. Wave 4 can end nearby to support area.
3. sub-wave C of wave four is 161.8% of wave A at 2845 .
If the price enters the parallel channel, we will get a candlestick pattern and support zone's demand pressure.
200 EMA is also supporting this statement, which is close to the price. Or we have to wait for the monthly support level where the price is getting support, but entry is not possible without any reversal signal.
If the price isn't giving any reversal signal, the price will fall continuously.
Violation: Wave 4 can never touch wave 1. (at 2692)
I will upload an intraday chart with entry and targets the Asian paints soon.
Part 3: Elliott Wave Principle - Double three correction guideIt looks like mother Sumi has completed the 4th wave correction, and the ending point of the corrective wave (4) is the starting point of wave (5).
Wave (4) is occurring in double three corrections.
A "double three" consists of two corrective patterns, the first labeled W, and the second label Y, separated by a corrective pattern
on the opposite side, which is labeled X.
Wave formations:
Waves W is a zigzag correction pattern.
Wave Y triangle.
Wave X could form any correction pattern.
Wave X is smaller than wave W & Y.
Rules and objectives:
1. Double three is a corrective structure that includes more than one type of corrective pattern.
2. It consists of three waves, which are marked W-X-Y.
3. A triangle may occur only as wave Y in a double three.
4. In most cases, double threes are not deep corrections.
5. wave Y usually ends at 100% – 161.8% Fibonacci extension relative to wave W.
6. Wave Y should not go below the 161.8% Extension of Wave W. It shows that the corrective trend is strong.
7. There never appears to be more than one triangle.
What are the double threes?
Price picks up momentum when it starts an impulsive wave.
After accomplishing the impulsive wave, it corrects the previous move by a three-wave pattern.
These three waves were not enough to complete correction because of the high momentum & directional power of an impulsive wave.
Price creates another three-wave move to complete the correction by merging through intermediate wave X.
Let me make it easy by explaining and structuring examples.
Double three Structure:
Real Example:
Part [A] Basic of Wave Principle
Elliott Wave background
In the 1930s, R.N Elliott identified the price of the stock trends and reversed a specific pattern. This pattern is repetitive in form and, the patterns have predictive value. He decided to use this pattern (Elliott wave theory) to predict the market. The Elliott wave is not primarily a trading system. It is a detailed description of how the market acts. The Elliott wave is part of technical analysis. Also, the Wave principle is the reassembled form of dow theory.
-Elliott Wave Principle The key To Market Behavior]
Waves in the market?
We all know that price never moves in a straight line. It will neither fall in a straight line nor rise in a straight line.
Price will create highs and lows. And this high and low creates waves. Elliott wave theory is all about counting waves and, we are going to use the Elliott wave to trade the market.
Now, the concept of waves is acceptable for you.
Elliott wave theory is made of 5+3= 8 waves.
Let me show you that structure in both trends.
In bull market ( UP Trend ) :
Figure 1.1 This is the Elliott wave structure in an uptrend. As we discussed, Elliott's wave theory is made up of 5+3=8 waves. Where five waves move with the trend and three waves move against the trend.
In Bear market (downTrend) :
Figure 1.2 This is an example of Elliott wave theory in the Bear market. We can see that five waves move with the trend and, three waves move against the trend.
Take a deep breath, I know you have lots of doubts in your mind. Let me solve some.
1. Elliott wave theory works in any time frame.
2. These 5+3=8 waves will give us a market edge. It will provide strong trends & trend reversals.
3. The accuracy of Elliott wave theory is 84% of you are using the wave principle correctly.
Practical Example of Elliott wave theory :
In the Bull market :
Figure 1.3 This is the TATA MOTORS 4 hour timeframe chart. I used bar charts because It is easy to recognize Elliott's waves in bar Patterns. Well, it works for me to recognize if you feel that you can recognize patterns in another chart, go ahead with bar charts!
In Bear Market:
Figure 1.4 : This is the ITC daily time frame chart. It shows the beautiful Elliott wave structure in the Bear market.
Elliott wave structure :
Now, we all know that Elliott is made of a 5+3= 8 wave structure. So, Let's start getting into it!
To understand the wave principle, we have divided the wave structure (5+3=8) into two Phases which are an Impulse phase/structure & a corrective phase/structure.
Figure 1.5 This picture illustrates Two phases of the Elliott wave principle.
The impulse phase is made up of 5 waves and, the corrective phase is made up of 3 waves.
Figure 1.6: This picture divides the wave principle into two phases.
1. Impulse phase/structure ( which includes five waves and, which moves with the trend you can see in bull market impulse phase is going upward and in a bear market, impulse phase is going down which is directional move.)
&
2. Corrective Phase/structure ( which includes three waves and which moves against the trend, you can see that in bull market corrective phase is going downward and
In bear markets, the corrective phase is going upward, which is a counter-trend move.
Figure 1.7 , Elliott wave has 2 phases. motive/Impulse phase ( directional move ) and corrective phase(counter trend move). We can divide these 2 phases into two types of waves. Impulsive waves and corrective waves.
Let’s zoom in on the impulse phase to understand the underlying structure and wave behavior.
Motive/Impulse Phase :
Important things about the impulse phase
1). Motive/Impulse phase is a Five wave structure that includes wave1,2,3,4 & 5.
2). motive/Impulse phase is a directional move ( moves with the trend.)
3). The Ending point of the impulse phase is the starting point of the corrective phase.
4). motive/Impulse structure is powerful than corrective structure.
5) Impulse phase can divide into two types of waves
i) Impulse waves: 1, 3,5 ( move with Trend of impulse Phase )
ii) Corrective waves: 2,4 ( Moves against the trend of Impulsive Phase)
Let me give you a quick understanding because we are going to cover these waves in-depth,
Impulsive waves are trend-following moves. We can find this type of wave structure in both phases. Impulsive waves create trends.Impulsive waves are (1,3,5,A,C)
Corrective waves are counter-Trend moves. We can find this type of wave structure in both phases. Corrective waves provide pause to continue the trend,
Corrective waves : (2,4,B)
Motive/Impulse Phase in Bull market
Figure 1.8(A) , wave 1,3,5 is an impulsive wave of impulse phase because The trend of impulse phase up and, Impulsive wave are following the trend and heaving upward move.
And
wave 2,4 is the corrective wave of an impulse phase because the trend of the impulse phase is up but, the corrective wave is moving down, which is against the trend.
Motive/Impulse Phase in Bear Market :
Figure 1.8(B), wave 1,3,5 is an impulsive wave of impulse phase because the trend of Motive/impulse phase down and Impulsive wave are following trend and heaving downward move.
And
Wave 2,4 is the corrective wave of an impulse phase because the trend of the Impulse phase is down but, the corrective wave is moving upward, which is against the trend.
Corrective Phase/structure :
Important things about the impulse phase
1). The Corrective Phase is a three-wave structure that includes waves A, B, C.
2). The corrective phase is a counter-trend move ( moves against the trend.)
3). The Ending point of the corrective phase is the starting point of the Impulse phase.
4) correction phase can divide into two types of waves
i) Impulse waves: A, C ( move with Trend of correction Phase )
ii) corrective waves: B ( moves against Trend of correction Phase )
Corrective Phase in a bull market:
Figure 1.9(A ): wave A, C is the impulsive wave of the Correction phase because the trend of the correction phase is down and Impulsive waves are following the trend and heaving downward move.
And
Wave B is the corrective wave of a Correction phase because the trend of the Corrective Phase is down but, the corrective wave is moving upward which is against the trend.
Correction phase in Bear Market :
Figure 1.9(B) : wave A, C is the impulsive wave of the Correction phase because the trend of correction phase Up and Impulsive waves are following the trend and heaving Upward move.
And
Wave B is the corrective wave of a Correction phase because the trend of the Corrective Phase is Up but, the corrective wave is moving down, which is against the trend.
[ Note : here, the correction phase moves against the trend. That's why the market has a Downtrend but, the correction phase is in an uptrend.]
Impulsive wave structure :
1. Impulsive waves are directional moves that are bigger than corrective waves.
2. Impulsive waves create trends.
3. Impulsive waves are subdivided into five waves.
( that means wave 1,3,5, A, C which moves with the trend will have five sub-waves.)
4. Impulsive waves are easy to recognize.
(Impulsive waves can also be called motive waves)
5. Ride of impulsive wave can give us a high probability trade setup with high Rewards
We are going to cover impulsive wave formations in the next part.
(diagonals,extensions,Impulse,Truncation)
Figure 1.10: As we discussed, Impulsive waves subdivide into five waves.
Here wave 1,3,5, A, C has five subwaves which you can see in the chart.
Long build upEven in such weak market the stock did not fall which indicate strength
Wave 2 is about to get over
Wave 3 is waiting for us to ride
Follow stop loss and enjoy
BANKNIFTY ELLIOT WAVE FORECASTHello Friends,
Here is Bank nifty Forecast as per Elliot Wave Theory Buy Bank nifty near 39000 to 39200 with Sl of 38700 clising basis for the TGT of 40200 and 41900.
Happy Trading
Tata Chemicals : Swing Buy, Buy for IntradayTata Chemicals Limited is an Indian global company with interests in chemicals, crop protection and specialty chemistry products headquartered in Mumbai, India.
CMP: 944.05
Target: 976-1003
In Tata Chemical Sideway trend completed also given breakout and form 1st Elliott Wave. Best for Long term.
For Intraday On 31st Jan 22 Watch opportunity to buy. ( Must watch Bullish Candlestick Pattern, Stop loss as per Candle Stick Pattern)
Feel free to share your feedback and queries.
If you want to know about your stock please mention in comment.
Note: This is not Paid only for Educational purpose.
EWT: Will Crude Oil Reach 7000?Crude oil is forming impulsive waves ((5)).
After the completion of wave ((3)), the price had started complex running flat of the corrective wave ((4)).
Wave B has crossed the high of wave ((3)), but wave B couldn't break the low of wave A.
Price has made a failure of swing low, which was a rejection of a downtrend, and crude oil gained momentum.
Price has exceeded the sub-wave B of wave ((4)).
Sub-wave 4 of wave ((5)) is in progress.
If their price breaks out the high of wave 3, we can expect the following target for final sub-wave 6697-6785-6865+ . It means the price has bullish sentiments above wave three and vice versa.
Breakout of the parallel channel shows the weakness of the impulsive wave. Note that wave four can never overlap the starting point of wave 1.
EWT: High confidence Trade-setup for ACE Construction.ACE construction is forming a contracting triangle of waves ((4)).
To draw parallel lines, I have connected wave ((2)) & wave ((4)) and merged with wave ((3)).
Wave ((1))
- Five wave impulse
wave ((2))
- Sharp correction
- 50% retracement of wave ((1))
Wave ((3))
- Five wave impulse
- Power extend
Wave ((4))
- Contracting triangle
- sideways correction
- 38.2% of wave ((3))
Wave ((5))
- Wave ((5)) can be equal to wave ((1)).
- It can end near a 1.618% extension of wave ((4)).
We can expect the following targets of 273 - 292 - 320+ after the breakout of the B-D trendline.
In case if price breaks the A-C trendline to completed wave E, it can fall up to 139 . According to Elliott wave, wave (4) ends near the lower degree of wave 4.
Price action Perspectives:
In this chart, we can see the crossover of multi-exponential moving averages. And the price is formed a value area for more than two months.
If the price breaks out of this value area range, we may see an upward move for our targets.
Nifty more consolidation ahead wave Z startedNifty enter more consolidation phase as wave Z looks have started will take 2-3 days more.
Broken and closed above 0.382 fibonacci levels today next aiming for 0.618 fibonacci level at 17770
Bearish view will get activated as soon as breaks 17244.
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
Maruti: Best to dip Buy..
CMP:8550.95
Upcoming Target: 8212, 9182.
After Completing W Pattern Target Now Maruti Go for Elliot Wave theory.
In Maruti can see the stock price starting to fall after the completion of the 1st Elliot wave . The downside target is 8203. The correction wave may take the 12345 pattern.
You also go for Long term buy on dip strategy with five time investment.
Feel free to share your feedback and queries.
If you want to know about your stock please mention in comment.
BANKNIFTY ELLIOT WAVE FORECAST Hello Friends,
Here is BANK NIFTY one hour chart and you can short sell Bank nifty Below 38800 as per Fibonacci theory Bank nifty can go near 37000 level .
Thank you,
Happy Trading
BANKNIFTY ELLIOT WAVE FORECAST TGT 40KHello Friends,
Hello Friends Here is ELLIOT WAVE FORECAST IN BANK NIFTY For the tgt of 40,000 with sl 37500 closing basis Entry level is Near 38000.
Thank you,
Happy Trading.
Nifty Outlook: Will the seller crash the remaining bull?Nifty is occurring a corrective wave ((iv)) on the hourly timeframe chart.
It has broken the previous corrective (iv) of a lower degree and price fall to 17377 .
The bullish scenario is valid till the price is above 17150 .
According to the Elliott wave principle, wave ((iv)) can never enter the price territory of wave ((i)).
Wave ((iv)) has retraced 78.6% , and it can't retrace more than 78.6% if there is a bull power on the other hand.
If the nifty breaks 78.6% at 17156, it will also break the invalidation level point of 17150 .
Nifty is creating a downtrend channel, where bull power has controlled by sellers.
If the price breaks out of the channel downtrend, we can see a sharp upward move soon.
However, nifty has to confirm its bull run by breaking the breaking supply zones.
Previous Idea:
Other ideas:
Use the play button to see the results.
NiftyChart depicts itself. Wait for price to come down to 50% retracement or accumulate from here itself for an all-time High.
Nifty wave 4 correction to startNifty 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
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
NIFTY Research Report 2: Elliott Wave And Price Action analysis--------------------------------------------------------------------------------------------
Timeframe: 1- Day
Theory: Elliott Wave
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Click here to read research report 1:
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Timeframe: 1- hour
Theory: Elliott Wave
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Let's zoom the 5th impulsive wave of wave ((5)) to know the current situation of the Wave cycle.
The ending point of wave 4 is the starting point of wave 5.
After the accomplishment of, triple zigzag, the price has started an impulsive wave, and it has broken the X wave.
X was had holder the correction, and break out of X wave increased public participant in nifty.
Wave formations of the impulsive wave 5 of wave ((5)).
Wave ((i)) is a leading diagonal.
Wave ((ii)) is a zigzag correction, retraced 50% of wave ((i)).
Wave ((iii)) is a five-wave impulse where sub-wave v is near to being completed.
After the completion of wave ((iii)) , the price will start the corrective wave ((iv)). The question is, how to know if the corrective wave started or not?
The best way to find the starting point of the corrective structure is the breakout of the base channel.
If the price breaks the base channel, it may end near the previous wave (iv). I have already mentioned levels in the daily time-frame analysis.
If the price couldn't break down the parallel base channel, it can create a new high, but it will give a short pullback to increase public participants.
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Timeframe: 1- hour
Theory: Price Action Analysis
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Price has broken out the downtrend channel and started an upward move.
However, the current bullish move looks strong, but the price can't make a new high without proper retracement.
Nifty can't get public participants Without trend pause( correction).
If the price breaks the parallel channel, we can expect the following support level: 18232-17944-17604-17261
Please note that the price is bullish above 18250 .
If the price takes support on the parallel channel, it can go for 18600-18845+ to touch the upper band of the channel.
