As per wave patterns, it appears that the correction of Wave (3) is going on .. Level of 12000 has been tested multiple times ... If Nifty opens flat, it may fall down till the marked support zone, completing Wave b and from there it should be again headed for a rally till 12000 level as part of Wave c ... This should complete the higher degree Wave (b) .....
I have applied the Elliott Wave Pattern. The third wave is including a contracting triangle, and the fifth wave is including an ending triangle. Hence, the State Bank of India's (SBIN) cycle of the corrective wave started after the fifth wave.
There are two scenarios if it crosses 61.8% , C will be around 205 , and if it does not crossover the retracement level...
After going through the EOD and analyzing breadth of Nifty 50 , its clear indication this one is going up side to 12500
Now after it broke above the recent high it might move in smaller push ( Expected move ) alternative is you can see sharp move
Look for buy set up ,
Good luck traders
$BTC Elliott wave Weekly monthly
$BTC Weekly Monthly chart Forming bullish pennant
HL 5K around or above the below invalid level for HL 3300
and triangle 4th wave consolidation in HTF W M with low volume consolidation abcde or abc flat corrective wave
possible abc flat correction in HTF monthly
weekly 200 ma also 5K level and 0.786 fibs 5.4K...
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Short Term Trading Plan
Last Price- 819.40
Short Term Buy Above 820 (Strictly follow the levels) for 835-840
If crosses above 840 / 845 zone then extends upside to 855 / 870 -
Long Term Trading Plan
Careful at the tops as fall may start later for downside target 735 & even lower in Larger Degree -Wave C...
Normally I don't prefer to trade with a heavy position at 5th wave especially, whenever 3rd wave is extended. In this case, we're moving toward forming 5th Wave.
I have already predicted 5wave of A, B, and C by using future expected retracement.