Finding Market Clues with Simple ToolsThis is not a trade I took — just an observation I found fascinating and wanted to share.
In ANGEL ONE’s recent price action, I applied a simple 3-step process:
Identify a turning point
Spot a potential 5-wave Elliott Wave structure
Look for RSI divergence at key highs/lows
After a sharp downtrend, price made a lower low while RSI showed a higher low — hinting at a possible bullish reversal.
Later, price moved up in what could be a 5-wave structure. But near the top, price made a higher high while RSI made a lower high — a possible bearish divergence.
I didn’t trade this setup — but it’s fascinating how often these simple techniques reveal potential market shifts. It’s not about being right every time, but about learning to read the market structure better.
Books like Elliott Waves Made Simple by Steve Sinclair have helped me more than any social media post. They teach you to think with structure, not noise.
This isn’t a buy/sell recommendation. Just sharing something I’m practicing. Mistakes will happen, but that’s part of the learning curve. The market is always there — it’s on us to keep improving our technical reading.
Elliott Wave
SMCI short term Target of 54SMCI has been correcting in a complex zig-zag correction.
It has completed triple Zig-Zag, correction seems over as per Wave-3 max pull back and seems to be headed towards 54 in short time, provided some conditions are met.
Conditions:
a) Correction should stop at around this level or can go max till ~38.23, what it means is, price damage should stop, we may still correct in horizontal way not breaking price of approx 38.23.
b) We need fast re-tracement of price towards ~44.40
If above is satisfied, entry at 44.40 for a target of 54 is a good probabilistic trade.
When set up gets invalid ?
When price breaks and closes below 38.23 on 4hr closing candle basis.
TTML: Unlocking Potential with Elliott WavesHello friends, Welcome to RK Chaarts.!
Let’s analyse the chart of Tata Teleservices Maharashtra Limited from an Elliott wave perspective.
We can see that in March 2023, the stock formed a bottom around 49.65 and then moved upwards in an impulse wave. We can identify wave one as complete, ending around the July 2024 high.
After that, there was a sudden fall to the April 2025 low, which we assume to be the end of wave two. We expected it to reverse around the previous low, because wave II cannot retrace more than 100% of wave I (Elliott wave principles), and Same happened, it had reversed from that low to upside.
Looking at the weekly chart, we can see that post wave II, price has broken the 0-B trend line with strong volume intensity. If our wave counts are correct, we can measure wave I and project wave III’s target using Trend based Fib extensions as per Elliott wave theory.
According to the theory, wave III target could be around 150.70, which is 1.618 times the length of wave I.
Projected Targets as per Elliott waves:
So, friends, from an Elliott wave perspective, Tata Teleservices has strong potential to move upwards to around 150 rupees, with potential targets at 88, 112, 127, and 150 rupees.
Invalidation levels:
Please note that this analysis is for educational purposes only and involves multiple possibilities. The scenario presented focuses on one potential outcome, assuming the invalidation level of 49.65 is not triggered. If it is triggered, the chart would need to be reassessed, and wave counts would need to be reevaluated.
This is not a tip or advisory, but rather a educational analysis.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Chaarts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Chaarts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
INTU seems to have completed Correction and heading towards ~700INTU seem to have completed complex ABC correction,.
Its last corrective leg had XYZ correction (provided we see break out from current segment)
It seem to be heading towards ~700 in coming weeks/months
Can the pattern change ?
Yes we may have a Z wave hitting channel bottom, or one more larger ABC may play out for next few months (this is low probability)
If any one needs larger time frame wave structure do comment so that I can share the road map that I see with INTU.,
SPX500 Ready for Wave C of The Triple Combo Elliot waves
SPX500 Has rejected from Supply Zone at 0.854 Fib retracement
These are the Marked Circles from where some Bounces are expected.
Though less likely to be meaningful.
Fib Extensions Suggest the Wave C could upto 4300. Finally Testing the Demand Zone.
Torrent Pharma to touch 3100 again ?Torrent Pharma is in corrective phase for a while. This correction is not going to end anytime soon, however we still have opportunity to make some money here.
Currently on the Daily chart its in complex correction in which we have already completed Wave W, what's left is Wave X and Wave Y. Once we are good with the completion of wave X then expect it to unfold in a-b-c which will be part of wave Y.
Disclaimer: I am not SEBI registered member, this is only for educational purpose only.
CDSL [Follow up] – Wave (5) Ending or Extending?The earlier hypothesis of a bullish impulse in CDSL saw Wave (5) completing near the 1.0 extension from Wave (4), right at the upper channel boundary — a strong confluence zone.
On closer inspection, the internal structure of Wave (5) looks more like an A-B-C rather than a clean 1-2-3-4-5, hinting at possible exhaustion.
This raises the likelihood that Wave (A)/(1) may already be in, and a Wave (B)/(2) correction could be in progress.
Still keeping an eye on the 1.618 projection as a stretch target if the trendline breaks. Until then — structure confirmation is key.
Tools: Elliott Wave, Fibonacci Projections
Timeframe: 30min / 1H for intrawave clarity
End of wave iiiCelebi Akash Services did not fall because India revoked its security clearance. It fell because it had completed a higher level wave iii with a triangle in previous wave 4 of one lesser degree. And market knew in advance . It has now almost at the end of correction (-40%) till the previous wave 4 of one lesser degree but can buy only on a reversal candle .
CDSL – Leading Diagonal Kicking Off a Bullish Cycle?A possible new bullish impulse may be forming in CDSL, following a strong corrective downtrend.
From the ATH at ₹1989.80, the stock completed a 5-3-5 Zigzag correction that bottomed out at ₹1047.45. The final leg (Wave C) shows the characteristics of an Ending Diagonal , signaling possible exhaustion and the end of the correction.
From that low, the structure that follows appears to be a Leading Diagonal , possibly acting as Wave 1 of a new motive sequence. Despite its expanding nature, Wave 3 is not the shortest , and trendlines are respected — validating the diagonal structure.
This upward move has completed five waves, currently labeled as Wave (1), (2), (3), (4), and (5), which together form a larger Wave (A) . If this structure turns out to be impulsive , this may not just be an ABC correction, but the start of a full 5-wave impulse:
1 → 2 → 3 → 4 → 5
Now, we’re likely entering a Wave (2) correction, typically retracing 0.382 to 0.618 of Wave (1) . This retracement could break below the diagonal trendline , shaking out late bulls.
Post that, if the structure holds, we may see a strong Wave 3 advance — usually the most powerful leg in any impulse.
This is a hypothesis, and structure confirmation will be key. If price fails to hold support zones or shows structural invalidation, the count will need to be revised accordingly.
Tools Used: Elliott Wave, Fibonacci, Trendlines
Timeframe: 2H
This is not a buy/sell recommendation — purely an educational analysis. Chart will be updated as price action evolves.
Canara Bank – Impulse Wave in Play After ABC Correction?From the mid-June 2024 high, Canara Bank completed a textbook ABC correction, with Wave C terminating precisely at the 100% retracement of Wave A from B. This setup marked the end of the downtrend and the potential beginning of a new impulsive uptrend.
The current structure shows a higher-degree impulsive move (marked in green), within which Wave 3 appears to be subdividing into its own smaller impulse (yellow count). Notably, Wave 3 (yellow) has completed exactly 100% of Wave 1 from Wave 2 at 109.50, which aligns well with common Fibonacci projections.
A healthy retracement (Wave 4 of yellow) is now underway, typically expected to fall within the 0.236–0.382 retracement zone. This region is a critical make-or-break zone — sustaining above 102.63 keeps the bullish structure intact and sets the stage for Wave 5 (yellow), which could complete the larger Wave 3 (green).
Once Wave 3 (green) tops out, a correction in Wave 4 (green) could unfold, again within the 0.236–0.382 retracement zone. Monitoring RSI divergence will be essential to identify exhaustion at the top of Wave 3.
If the pattern continues to hold, Wave 5 (green) could push price to 130+ levels , assuming a minimum 1x projection of Wave 1 from the Wave 4 base.
The structure remains valid only as long as 105.12 and 102.63 are respected . A deeper breakdown would suggest the count is invalid and we may instead be dealing with a complex W-X-Y-X-Z correction , with Z potentially unfolding below 78.60.
Given that earnings and revenue reports in both Jan and May have been strong, the bullish case is fundamentally supported too. Still, alternate bearish counts must be kept in mind.
This is a technical analysis for educational purposes only and not a buy/sell recommendation.
Timeframe: 2hr
Tools Used: Elliott Wave, Fibonacci Retracements, RSI
Jio Financial Services – Wave 5 Exhaustion? Retracement AheadJio Financial Services has completed a clean 1-2-3-4-5 Elliott Wave sequence, with each leg respecting Fibonacci levels well. From the Wave 4 low, price rallied and reached the 100% Fibonacci extension of Wave 1, marking ₹279.35 as a potential Wave 5 termination point.
Key Technical Signals:
Complete 5-wave impulse structure
Wave 5 = 100% of Wave 1
Bearish RSI divergence at the top
Volume shows signs of exhaustion
These signals suggest that Wave 5 may have ended and a corrective phase could begin.
Retracement Levels to Watch:
A retracement from the top is expected toward:
0.236 level: ₹270.55
0.382 level: ₹265.10
Price action in this zone will help determine if this is just a correction or the start of a larger reversal.
Indicators Used:
Elliott Wave count
Fibonacci levels
RSI
Volume
Timeframe: 2H
EURUSD Chart Analysis : An Elliott Wave Approach Hello friends, welcome to RK Charts!
Today, we'll analyse the EURUSD chart using Elliot Waves. This study is based on Elliot Wave theory and structure, which enables multiple possibilities. Please note that the possibilities outlined here are not definitive predictions, but rather potential scenarios.
The provided information is for educational purposes only and should not be considered trading advice. There is a risk of being completely wrong, and users are warned not to trade or invest solely based on this study.
We are not responsible for any profits or losses incurred. Individuals should consult a financial advisor before making any trading or investment decisions.
Now, let's dive into the analysis. According to Elliot Wave principles, we're currently in a corrective pattern, which consists of ((A)), ((B)) and ((C)) patterns. We've completed ((A)) and ((B)) and are now unfolding ((C)).
Within ((C)) we expect five sub-divisions, labeled as intermediate waves (blue bracketed): blue (1), (2), (3), (4) & (5). Almost four of these sub-divisions are completed, and we've just begun the (5).
We've set an invalidation point at 1.1065, which is the recent low. If this low is not breached, we'll likely continue unfolding the (5) wave of ((C)), which should break above the high of wave (3).
However, if the low is breached, it's possible that wave (4) is undergoing a double correction.
Both scenarios are possible, and we'll continue to monitor the market's unfold.
Scenario 1
Scenario 2
This study is a deep dive into Elliot Wave counts, aligned with the rules and principles of Elliot Wave theory, as well as higher time frame and higher degree analysis.
I hope this analysis based on Elliot Wave theory has helped you understand the chart better and learn something new. Please keep in mind that this is for educational purposes only.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Muthoot Finance Futures – WXY Done? Bounce ExpectedA W-X-Y corrective pattern may have just wrapped up in Muthoot Finance Futures, with Wave Y potentially completing at ₹2086.50.
The final leg of this correction formed a neat a-b-c structure and tapped into a rising trendline support, adding strength to the bullish setup.
If price pushes above ₹2150–₹2180, that would break recent swing highs and hint at trend reversal.
But a fall below ₹2086 would invalidate the structure and open doors for deeper downside.
🧭 Bias: Bullish (as long as price holds above support).
📘 Just sharing my wave-based view — not financial advice. Open to thoughts and feedback!
Nifty 50 Technical Analysis - May 16, 2025Nifty 50 Technical Analysis - May 13, 2025
Current Market Overview:
Closing Price: The Nifty 50 closed at 25,035.30, Up 395.20 points.
Day Range: Low: 24,750.00 | High: 25,400.00
Market Sentiment: The market exhibited strong bullish momentum, driven by positive global cues, including a ceasefire between India and Pakistan and optimism around US-China trade negotiations
Chart for your reference
SPX/ NDX/ DJI - Elliot Wave - Change in CountsI have expected May 8th as the top of the pullback in this post:
However, it seems that there were more legs pending.
View still remains that this is a counter trend rally, and we will eventually head down again.
We are in 3rd of C and we will get another move up in 5th, which should mark the end of the entire leg up.
If I am invested in US markets - I would use this rally to book profits!
View is similar in Nasdaq and DJI, so not sharing those charts again. :)
All the best!
Nifty - Elliot Wave Update So, thankfully we have been aligning are views with the market and reviewing counts at the right time. Lucky much? :)
On May 2nd - We caught the top, when the breakout didn't look convincing
We got a good correction (Correction was even better in stocks) and booked out at around 24k on May 9th, and changed views, again as the fall wasn't as bad as it was expected after the end of 5th. Hence, it made sense to expect a 5th up.
This change in view helped us ride a good move of +1000 points in Nifty and multiple +10% moves in stocks (crazy moves there).
Now, while the view shared on May 9th still remains valid, there's an even more bullish view possible.
Ideally, I should have waited for more clarity, but thought that someone shouldn't book out of positions, if it's actually that.
So, there are two scenarios:
1. We are in 5th up/ which got done, is about to be done. In this case we head down to 23500 or so and then we review if this bounce was corrective or we are going to ATH.
2. We did 1 and 2 and have started 3 up. Within 3 we started the 3rd up today. If this is true, the run up should continue for next few days.
How to decide, I am keeping 61.8% of today's move as a deciding factor. So, if we come back to 24700, I'll be out of longs - will even book cash trades and wait for clarity to re-enter.
P.S.: You must be wondering, what the two Orange circles denote - Well they are for reminding me that this price action can be a trap, as it has happened in past. :D
Though looking at set-ups in stocks and the way they are moving after clearly defining a base - I am quite confident that the low has been made for this correction.
As usual, important to track closely and be nimble to change the view and humble to accept mistakes :)
All the best!
Is BTCUSD still in WXY correction phase ?BTCUSD continues to be correcting till 48K-62K band, this is weekly chart so it will take time.
Current up-move seems to be X wave as indicated.,
Why 51-62K is the band where correction will end ?
a. Technical divergence gets resolved here
b. 1.618 Fib relation of assumed corrective Wave-W falls in this band
Can the current rising segment impulsive ?
No because current rising segment is pretty corrective supporting high probability of next wave-Y
Will the correction stop at Wave-Y ?
May not be as one more leg up (Wave-X) and one more Leg down (Wave-Z) can be formed
Is GOLD headed to ~2500 as part of correction ?Gold had a good run up from ~1600 levels to ~3500 level.
It seems to have completed Wave3 and has ended week with Shooting start candle.
Invalidation :
This view of correction is invalidated if Gold closes above 3500 as part of weekly close.
The correction time period may be around 6~8 months.,
Silver MCX - Elliot Wave Counts - Long TradeSilver lagged Gold in the entire run up through the year
However, in last week Silver held quite well, while Gold has been correcting.
It seems like weekly Wave 4 is done and 1,2 of Wave 5 are done.
Wave 3 - targets 1.1L, 1.15L. Wave 5 targets + 1.2L
All the best!
Another Possible Elliott Wave counting of GoldCounting 2:
Here, after an impulse, a Zig-zag correction is formed (marked in red ABC)
Here, I have assumed that this is just point (A) of further correction (in blue colour).
Then the price has gone to form wave (B), and currently the market is in wave (C).
This correction will complete near 61.8% (near 3164 level). And from here, a new impulse will start.
This analysis is based on Elliott Wave theory and Fibonacci study.
This analysis is for educational purposes only.
Possible Elliott Wave counting of GoldCounting 1:
After a clear impulse, the price formed a Zig-zag correction (marked in red ABC).
If the correction is completed near 50% (near 3228 level), then the recent upmove is a new impulse.
Of which wave 1 is completed, reaching a high of 3435. The market is currently in wave 2, and the next possible moves are marked as impulse counting (blue 12345).
This analysis is based on Elliott Wave theory and Fibonacci study.
This analysis is for educational purposes only.