Banknifty Ending Diagonal Final up-move towards 30700DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The investment advice provided is solely the personal views of my research. You are advised to rely on your judgement while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisor before investing/trading.
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Banknifty upside getting exahusted and trading in parallel channel making ending diagonal.
On Friday before close made bullish candles and closed above major resistance 30000 suggesting upside still pending.
Banknifty in impulse up-move and in wave(3) which usually goes Fibonacci level 1.618=30760 of wave 1.
Then after that we can expect deep correction which should go
0.5 Fibonacci level 27186 or 0.618 level 26342 in wave 4
In Wave 5 expect to go near life time high.
Elliottwaveprojection
Escorts good short candidate.Escorts spot CMP 1380 levels.
Elliot wave projection :- Counter is trading around the maturity levels of impulse wave 3. if corrective wave 4 unfolds around this levels price might correct to 38.2 to 50.00% of wave 3.
Chart patterns :- Double top formation
Double top formation is observed on daily time frame ,, pattern breakdown confirms once the nearest support horizontal trend line is broken and sustained. on breakdown price action matters a long,, there should be large bearish bar formation with increase in volume...
Rising contracting wedge formation :- price trading around the resistance line of rising wedge formation,, in past prices have respected this resistance line and fallen from this levels.
RSI indicator :- Price is making higher high where as RSI is making lower high,, bearish divergence.
Good short candidate..
GRAPHITE looks like Elliott WAVE formationGRAPHITE has retraced 61.8% retracement level, then continued rally and today it has given a breakout as well, 330 or 360 could be next stop if it is extended impulsive wave it can go upto 360 level. 5th wave may end up around 400 level. it has already given box breakout target levels.
NIFTY METAL INDEX GOOD SHORT CANDIDATENifty Metal index CMP :- 3200 levels.
Harmonic pattern :- Bearish butterfly pattern formation.
PRZ zone in range :- 3200-3300 levels
1.27XA = 3313,, Equivalent AB =CD matures at 3210, 2.24 BC extension around 3180 levels.
Bearish AB = CD pattern formation matures around 3210 levels..
Elliot Wave study :- Whole structure formation is in Expanding rising wedge pattern, at the moment index is trading around the resistance line of wedge pattern.
Wave 1 : First impulse wave gave 26% move from the low point
Wave 2 :- have retraced around 0.618% of wave 1
Wave 3 have extended around 2.618% of wave 1,,in % terms,, gave 60% move from low of wave 2
Wave 4 have retraced around 0.50% of wave 3
wave 5 have extended around 2% of wave 1,, in % terms,, gave 52% up move from low of wave 4.
As per harmonic index is trading in PRZ zone,, as per elliot wave impulse phase is on verge to mature,, as per wedge chart pattern index is trading around resistance line of expanding rising wedge pattern, spinning top and doji candle formation seen in last two trading sessions on daily time frame, all indicates good reversal in trend can be seen from this levels.
Nifty Mid cap 100 Good short candidate Nifty Midcap Index CMP around 20450 levels.
Elliot wave Study :-
Whole structure is in form of rising channel pattern, at the moment index is around resistance line of rising channel pattern.
As per % terms if observed wave 1 = wave 5 (both the waves are of 27% )
Wave 3 is of approx 1.618% extension of wave 1 and wave 5.
As per theory when wave 3 is extended wave,, wave 1 and wave 5 are equal.
Wave 2 and wave 4 are also equal in terms of % ( both have given 9% correction)
Smaller time frame Rising channel pattern also have resistance around 20500 to 20600 levels,
Resistance of two rising channel structure confluence around same levels give strong indication of reversal.
Impulse phase is on verge to mature around this levels.. if Corrective wave unfolds we might see good correction .
RSI indicator :- RSI is overbought and is trading around long term resistance levels might see reversal from this levels, which would lead to cool off in index.
Elliot Wave Projection of Eicher MotorsA possible projection of Elliot Wave for Eicher Motor stock.
Stock is making impulse wave expecting it to break all time high.
Just for educational purpose.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The investment advice provided is solely the personal views of my research. You are advised to rely on your judgement while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisor before investing/trading.
I may or may not trade this analysis
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Praj Industries Wedge breakoutDISCLAIMER:There is no guarantee of profits or no exceptions from losses. The investment advice 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 financial advisors before investing/trading.
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Stock has broken wedge pattern on daily chart with good volume.
It is set to test major hurdle near 100.
Long near 87-89 zones with Stop-loss 75.4
📌 Wave 3 target 98-100 if crosses and closes above 100 then wave 3 will get extended then it will move up towards 127 which is 2.618. This will mean breaking major 130 level which is channel resistance.
📌 If wave 3 is not extended and ends near 98-99 then after wave 4 should retrace little 88-89.
📌 Wave 5 should end near 117
📌 Only allocate small portion of the capital and do your own study or ask your financial advisors before investing
Reliance- 5th Wave May Start Soon Below 1895 (Wave Analysis)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
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Nifty spot good short candidateNifty spot cmp 13000
Elliot wave study :- on weekly time frame major elliot wave impulse phase is on verge to mature,, 20 year cycle is on verge to mature,, now if corrective wave unfolds there can be price wise and time wise correction on index..
Wave 1 is of around 5510 points ,, wave 3 is or around 10175 points which is longest and strongest wave of impulse phase and perfectly 2 time of wave 1,, wave 5 is of around 5600 points almost same as wave 1..wave 2 have corrected around 78.6% of wave 1 which is perfect retracement as per elliot wave theory.. wave 4 have retraced around 50% of wave 3 which is also as per theory..
RSI divergence :- Price is consistently making higher high from the peaks of wave 3 to wave 5,,where is RSI making Lower high high bearish divergence,, historicaly most of time it is observed that when there is bearish divergence and RSI touch 70 levels it tends to fall.. at the moment RSI is almost at 70 levels.
Chart pattern :- Rising channel formation structure can be seen in whole impulse phase,, where Support and resistance line are well respected through the cycle.. at the moment index is trading around the resistance line of the rising channel pattern,,and overbought as per concept of price action..
M&M Wave 4 Elliot Wave analysisDISCLAIMER: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.
I may or may not trade this analysis. Details in description.
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M&M Wave 4 Elliot Wave analysis
Case 1: If this is symmetric triangle then should end E wave near 610-605.
After this if breaks and closes above 631-33 then 740 can be wave 5 target, Stop-loss will be 567
Case 2: If wave iv is Double three correction pattern.
This will be confirmed if breaks and closes below 590.
We can expect 551 (0.382 Fibonacci) level then target will be 726, Stop-Loss will be 537.
Graphite Ready For ActionGraphite impulse wave count gave trendline breakout with volume wave 3 target 400 and wave 5 would be 450+ long at current price 211 or dip towards 200 with STOP-LOSS 160
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The investment advice 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 financial advisors before investing/trading.
I may or may not trade this analysis
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Hindalco good short candidate.Hindalco spot CMP 214
Elliot Wave Study :- Counter is trading in 5th impulse wave of impulse phase,, soon corrective phase might unfold and price might see good retracement of current up trend.
Chart Pattern :- Rising channel pattern, counter is trading around resistance line of rising channel pattern.. prices may face resistance around this levels .
RSI divergence :- price is making higher high from peak of wave 3 to peak of wave 5,,while RSI is making lower high.. Bearish Divergence..
Resistance and Support :- Around 220 levels counter have faced resistance multiple time,, at the moment counter is trading around 220 levels,,
Good short candidate..
Watch Out RELAXO FOOTWEARSRELAXO has given a breakout from the trendline and it has formed a symmetrical triangle pattern on the price chart. If it retests the trendline it can be good long move.
Cheers! This is as per my Analysis. Feel free to share your view about this. Please do your analysis before trading/Investing.
Happy Trading.
Banknifty wave v downwards for 27700-27500Bank nifty in downward parallel channel from top made recently.
28400-500 can be top of wave iv and stop loss or invalidation level of this analysis is 28900
We can see 27700-27500 levels on downside in wave v
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.
I may or may not trade this analysis. Details in description.
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Bank Nifty - Emotional Trap Above 26K+ (Butterfly Can Trouble) (Note- Please read the levels carefully- Last Nifty Idea was suggested not valid above 11930 levels- You need to manage your own risk)
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Idea in Nifty (History May Repeat Again) - suggested that -Expected X-Wave can be 3-Wave Sequence (if crosses 12025 highs)
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Bank Nifty
• Butterfly above 26K+ can trouble
• Is this the Emotional Trap?
• Post Leading Diagonal which finished at 25232 Highs- Index looks to be running into irregular
correction which at times can deceive traders by its look & appearance- make you believe that it
was an impulse move
• Butterfly can stretch 127 to 162% anywhere in between & has reached minimum criteria of 127% -
which is the lower levels for butterfly harmonic pattern
• Manage your risk & trade accordingly.
Thanks for reading & have an exciting week ahead.
Regards,
Abhishek
Banknifty in Leading Diagonal 5th Wave coming to EndFrom March Lows Bank nifty is slow mover but now formed leading diagonal which is sign of uptrend coming in future.
But right now we will experience corrective wave to 5 wave leading diagonal before uptrend.
Current price 26798 and at parallel channel resistance max 27000-27162 can be expected.
We can see zig zag wave (a)-(b)-(c) from 27000 levels.
Wave (a) is expected from this point towards 25232 or 24432 (0.236 Fibonacci level of wave 1-5 of leading diagonal)
Wave (b) should retrace towards 26361 (0.618 Fibonacci between all time high and march low)
Wave (c) should retrace towards lower end of channel towards 23000 or 22842 (0.382 Fibonacci level of wave 1-5 of leading diagonal)
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.
I may or may not trade this analysis. Details in description.
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