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Elliott Wave

#Nifty directions and levels for August 5th.Good morning friends 🌞 Here are the directions and levels for August 5th. Market Overview Still the correction is continuing the Dow Jones chart, reflecting a bearish sentiment. Our local market also shares this sentiment. Therefore, today might see a significant gap down at the opening, as indicated by a 250-point negative start in GIFTNIFTY. There is still a tug-of-war between the Nifty and Bank Nifty charts. According to the wave structure, Nifty has a correctional structure, while Bank Nifty has a range-bound structure. >How does this affect the Nifty chart? It's just sentiment. If, during the correction, Bank Nifty supports it, then the correction would continue effectively. On the other hand, if it tries to maintain the range market, then it would take a pullback. If this happens, Nifty might undergo consolidation or possibly a pullback, because the banking sector has the major weightage in Nifty. However, I share the same direction for the Nifty and Bank Nifty charts. that, If the gap-down sustains (consolidates) or breaks the immediate support level with a solid candle, then the correction will likely continue further. This is our basic structure. Why Do I Mention the Pullback Levels of 23% and 38%? In this scenario, if the market takes a solid pullback in the initial phase, it could reach those levels. Usually, the trending market could take a maximum 23% to 38% pullback of the minor swing. but it won't sustain. If it rejects there, then the trend will continue once it breaks the previous bottom. That's why I mention those levels. What Should We Do If It Breaks the 38% Fibonacci Level? Whenever the trending market takes a pullback of more than 38%, the momentum will reduce a little bit. If this happens, we can expect some consolidation into a range market. and The range market targets are expected to be a minimum of 50%, 61%, and 78%. If you are an options buyer, the premium might not increase in this sentiment, so trade carefully.
NSE:NIFTY
by Manickamtraders
1
#Nifty directions and levels for August 1stGood morning, friends! 🌺🍬 Here are the market directions for August 1st: Global and Local Market Overview In the previous session, the US market experienced a solid pullback, suggesting a moderately bullish bias. Our local market is also maintaining a moderately bullish trend. Today, the market may open with a neutral to slightly positive start, as GiftNifty is indicating a 40-point positive move. In the previous session, both Nifty and BankNifty were in a range-bound market, but their structures differ. Let's take a closer look: Nifty Previously, we discussed that Nifty is in sub-wave 4. If it breaks the consolidation, we could expect the 5th impulse wave. This may happen in today’s session due to the gap-up start indicated by GiftNifty. If the market opens above the previous high, we can expect a move to a minimum of 25029 to 25067. We have already discussed this sentiment in the previous session. If the breakout has a solid formation, the rally will continue. On the other hand, if it does not, it will turn into a correction. Today, we will follow the sentiment with a slight revision. that's Current view: >If the gap-up sustains and breaks or consolidates around the resistance level (25029-25067), the rally will likely continue. >On the other hand, If it doesn’t sustain, it will either form an ending diagonal or continue the correction if it breaks the channel. >The difference between the diagonal and channel breakout is that a diagonal indicates the bullish bias will continue with minor pullbacks, while a channel breakout suggests a clear reversal. Alternate view: The alternate scenario is similar to the diagonal pattern. If the gap-up doesn’t sustain, we can expect an initial correction of 38-78%. After that, if it finds support at either the channel bottom or the 78% Fibonacci level, the bullish bias will continue. Simply put, it’s a range market. If it breaks the 78% Fibonacci level, the correction will likely continue.
NSE:NIFTY
by Manickamtraders
1
#Banknifty directions and levels for August 1stBankNifty BankNifty is still within a range. Both current and alternate views indicate a range market structure. Here’s the breakdown: Current view: If the gap-up sustains, we can expect a move to the 51825 level. If it breaks or consolidates, the pullback will likely continue to the swing high or channel top. If it doesn’t break the 51825 level, it will continue to range. Alternate view: If the market rejects or the gap-up doesn’t sustain, it will continue to range between 51825 (upside) and 51275 (downside). If it breaks the range in either direction, we can follow that trend.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for July 31st.Good morning, friends! 🌺🍬 Here are the market directions for July 31st: Global and Local Market Overview The global market is indicating a moderately bearish trend (based on the Dow Jones), while our local market indicates a moderately bullish trend. Today, the market may open with a neutral to slightly positive start because GiftNifty is indicating a 20-point positive move. Still, the Nifty and BankNifty are maintaining a difference. Let's look at that. Nifty: In the previous session, Nifty had a pullback, but by the end of the day, it closed like a range market. As per the wave, it's in the 4th wave, which is a consolidation wave. If the market opens neutral, the range market will likely continue until it breaks the previous high. There are two variations for the upside breakout, considering it could be the 5th wave. Current View: If the market breaks with a solid pullback or solid candle formation, the 5th wave may extend, reaching a minimum of 25067 to 25143. If the market doesn't have much volume or if it breaks the previous high with some rejection, we can expect a maximum of 25029 to 25067. Once the 5th wave completes, we can expect a correction. However, we should seek additional confirmation for the reversal. Use the Fibonacci retracement in the minor swing: if it breaks 38%, that's a sign of a minor reversal. Alternate View: The alternate view also considers a range market structure. If the market declines initially, it may take support around the Fibonacci level of 38%. If it finds support there, the range market will likely continue. The correction will occur only if it breaks the 38% level. If this happens, we can expect the next target to be 24646 to the Fibonacci level of 50%.
NSE:NIFTY
by Manickamtraders
2
#Banknifty directions and levels for July 31st.BankNifty: Current View: BankNifty's current view also indicates a range market. Usually, range market trading seems easy, but practically it's very difficult. If you want to enter a long position, you should wait for a breakout at the level of 51607. If it breaks, we can expect 51836 to the Fibonacci level of 78%, meaning the market will continue the channel pattern. Alternate View: The alternate view suggests that if the market breaks the channel bottom, we can expect a correction to the level of 51087. Structurally, this is a minor support. If it consolidates around there, we can expect the correction to continue if it breaks. On the other hand, if it rejects sharply, we can expect a 38% to 61% pullback in the minor swing.
NSE:BANKNIFTY
by Manickamtraders
#Nifty Direction's and levels for July 30th.Good morning, friends! 🌺🍬 Here are the market directions for July 30th: Even though both global and local markets have experienced a correction structurally, it is a moderately bullish market. Today, the market may open with a gap-down start, as indicated by the GIFT Nifty, showing -80 points at 8:00 am. Structurally, Nifty and Bank Nifty differ. Let's examine each one: Nifty: In the previous session, Nifty opened with a gap-up, but there was no continued rally, and it fell drastically mid-market. What's next? > As per the weekly analysis, it could be in the 4th wave and has already reached the 23% Fibonacci level. If the market finds support around the 38% Fibonacci level today, we can initially expect it to range between the previous high and the 38% Fibonacci level. If it then breaks the previous high, the 5th wave may continue, > with pullback targets expected to be a minimum of 61% to 78%, which is the usual range market target. > The alternate view suggests that if the gap-down sustains and breaks the 38% Fibonacci level, it may turn into a correction. If this happens, we can expect a minimum target level of 50%. After that, if the market breaks this level with minor consolidation, the correction will likely continue. However, if it is sharply rejected, we may also expect a range market, but the probability is lower.
NSE:NIFTY
by Manickamtraders
#Banknifty Direction's and levels for July 30th.Bank Nifty: > As per the weekly analysis, we expect the rally to sustain at the 78% Fibonacci level, and if it does, the rally could continue further. However, yesterday the market sharply rejected the 78% level, indicating an alternate view. > According to this alternate view, we can initially expect a range market if today's market finds support around the immediate support level. If this happens, we can expect a minor pullback of 38% to 50%. This is our first variation. > The alternate variation indicates that if the correction shows aggression, we can expect the correction to continue with some minor consolidations.
NSE:BANKNIFTY
by Manickamtraders
4
#Banknifty directions and levels for July 29th.Bank Nifty: Bank Nifty also saw a strong pullback in the last trading session. If the gap-up sustains, then the pullback will likely continue. My expectation is that, as per the structure, we can't expect much of a retrace even if it rejects either of the resistance levels. This means that if the gap-up sustains, it will continue the rally with some little consolidation. This is our first variation. Alternatively, if the gap-up doesn't sustain or if it rejects either of the resistances sharply, we can expect a 61 to 78% correction in the minor swing, but it should break the 38% Fibonacci level. If it doesn't break it, then it will maintain the bullish bias.
NSE:BANKNIFTY
by Manickamtraders
6
#Nifty directions and levels for July 29th.Good morning, friends! 🌺🍬 Here are the market directions for July 29th: The global market has a moderately bullish sentiment based on the Dow Jones, and our local market mirrors this sentiment. Today, the market may open with a gap-up, as indicated by the GIFT Nifty, showing +130 points at 8:00 am. Structurally, Nifty and Bank Nifty differ but may both continue their pullbacks today. Let's examine each one: Nifty: Nifty experienced a strong rally in the previous session, which could be identified as sub-wave 3. If the market opens with a gap-up, this 3rd wave may continue towards the 24956 to 25067 range. If the market hits one of these resistance levels and then reverses, we can expect a minor correction forming the 4th wave. Typically, the 4th wave is a consolidation phase, potentially leading to a 23 to 38% retracement in the minor swing. This is our primary scenario. Alternatively, if the gap-up doesn't sustain, we could complete the 3rd wave immediately, and the decline could be considered the 4th wave. There are no significant changes in the 4th wave levels; it could take a maximum of 23 to 38%. However, if the decline has a solid structure and breaks the 38% Fibonacci level, it could turn into a correction.
NSE:NIFTY
by Manickamtraders
2
#Nifty August 1st week directions and levels.Good Evening, friends! 🌺🍬 Here are the market directions for the first week of August: Global and Local Market Overview Both global and local markets have a moderately bullish sentiment. This trend may continue this week. Last Friday, the global market closed up by 1.5%, so we might start this week on a positive note. Let's look at the details. Nifty * Last week, Nifty had big swings and closed around its previous high. On Monday, the market may open with a gap-up, according to Gifty Nifty. If this happens, we can expect the bullish sentiment to continue. Nifty is currently in the 3rd wave, which is a long upward trend. After this wave completes, there may be a small correction of about 23 to 38%. If the rally continues, it will enter the 5th wave, which is usually not as sharp. This is our basic structure. * Means the 3rd wave might complete around 24,956 or 25,067. If it hits resistance at these levels, the 4th wave may begin, characterized by a small correction. After retracing, if it finds support around the 38% level, the rally may continue into the 5th wave, with targets ranging from 25,143 to 25,377. This is our current view. * The alternate view is a flat correctional variation. I labelled it based on theory, but I will explain it simply. We said earlier that the 4th wave is a consolidation wave, so it can take a maximum of 38% correction. However, if the 4th wave falls sharply and breaks the 38% Fibonacci level, it may turn into a deeper correction. If that happens, we can expect a correction of 61 to 78% in the minor swing. This is our alternate view.
NSE:NIFTY
by Manickamtraders
2
#Banknifty August 1st week directions and levels.Bank Nifty Bank Nifty's structure is a bit different from Nifty. It hasn’t pulled back as much, but the trend is still positive. Bank Nifty is currently in the 5th wave, indicating a bullish move. However, since the 5th wave is usually slower, we expect a less aggressive rally, possibly at a 40 to 50-degree angle. We’re targeting 52,674 for this rally. This is our main view. Alternatively, if the market faces resistance at the 50 or 61% levels, it may correct further. Initially, the market might move within a range, and a break of this range could lead to more correction.
NSE:BANKNIFTY
by Manickamtraders
7
#BankNifty directions and levels for July 26th.**Bank Nifty:** >Bank Nifty has a bearish sentiment, but RSI doesn't support that much due to the huge pullbacks. So, if the gap-up doesn't sustain, we can expect a range market between 23% and the previous low. After that, if it breaks down, we can expect correction continuation. >Alternatively, if the gap-up sustains above the level of 23%, then we can expect a move to the 38% level. >But Even if it takes a pullback, structurally it could be the 4th wave. So, after that pullback, if it rejects around the 38% Fibonacci level, then we can expect a correction.
NSE:BANKNIFTY
by Manickamtraders
5
#Nifty directions and level for July 26th.Good morning, friends! 🌺🍬 Here are the market directions for July 26th: The global market has a bearish sentiment (based on the Dow Jones). Our local market has a structurally moderately bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, as indicated by the GIFT Nifty, which shows +40 points at 8.00 am. **Nifty:** In the previous session, Nifty closed with a pullback, and today it may continue this trend because GIFT Nifty indicates that. However, if you look at the wave count, every swing has a three-wave count. There are many variations with three-wave structures, but here we can take these two variations for simplicity: 1. **Diagonal Variation:** - In this variation, it shouldn't close the candle above the level of 24,473. If it happens, we can expect a correction. - This means if the market initially declines sharply or, after the gap-up, if it rejects around the level of 24,473, then it may turn into a correction. - However, confirmation is expected from the 38% Fibonacci level breakout in the minor swing. If this happens, we can expect a minimum of 50%, 78%, and 24,175. - If it doesn't break this level, it will continue the moderately bullish sentiment. This is our current variation. 2. **Pullback Continuation:** - In this variation, we could complete the correction to the first three swings from the start of the correction. So, if the gap-up sustains above the level of 24,473, then we can expect pullback continuation with some consolidations. The targets are a minimum of 24,588 to 24,635. This is our alternate variation.
NSE:NIFTY
by Manickamtraders
4
Bank Nifty View in 15 mins TF - July 8thWave Analysis: Bank Nifty is trading in a range with a bearish bias. It has completed waves A and B and now appears to have entered wave C, suggesting we might see a sharp one-sided (wave 3 of wave C) move in the coming days. Based on wave analysis and Fibonacci extension, Bank Nifty can reach the mentioned demand zones. This view will become inactive if it breaches the mentioned levels. Ichimoku Cloud: Bank Nifty is trading below the Tenkan-Sen (TS) and Kijun-Sen (KS) in the 1-hour time frame and is standing at the cloud bottom support. If it moves below the cloud, it will turn completely bearish. If the mentioned inactive level breaks, the price will come out of TS and KS, resuming its uptrend. Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions and for education purpose only. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYShort
by WaveMoku
Fin Nifty Budget Day Expiry - Wave Counting Fin Nifty spent the last few days moving sideways after a significant fall from 161.8% (24,000). The corrective wave has completed waves A and B, and today, the price almost touched 61.8% (minimum C wave Fibonacci level). However, the C wave often extends further in a flat correction, making it highly likely to hit 100% or more. Resistance Levels: 23,719, 23,815, 24,000 Support Levels: 23,433, 23,183, 23,005, 22,777 Fin Nifty might reach these mentioned support zones if it continues to trade below 23,719. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Please conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:CNXFINANCEShort
by WaveMoku
1
Bank Nifty Short Trade with small SLWhy Shorting Bank Nifty? Initially we expected Bank Nifty to touch 53500 but wave 5th failed by 150 points. High made 53357. Bank Nifty is entered downtrend by breaking IChimoku TS KS in 1hour and price action levels. CMP: 52641 Entry: 52600 Stop Loss: 52985 Target: 51675 Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Please conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYShort
by WaveMoku
2