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Elliott Wave

#Nifty directions and levels for July 24th.Good morning, friends! 🌺🍬 Here are the market directions for July 24th: The global market has a bearish sentiment (based on the Dow Jones). Our local market, however, maintains a structurally moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as indicated by the Gift Nifty, which shows -60 points at 8 am. Structurally, both Nifty and Bank Nifty are range-bound, so they might continue in this manner today. In the previous session, both Nifty and Bank Nifty experienced significant movements due to the budget announcement but closed with a solid pullback at the end of the day. Structurally, this indicates potential for further continuation. It's important to note that The budget announcement of the previous session may affect the market today, so we should trade cautiously. However, I have analyzed my sentiments for Nifty and Bank Nifty, so let's examine them one by one. Today's sentiments: Nifty: If the gap-down sustains and breaks the 38% Fibonacci level, it may again enter the range market. This is difficult to trade, but my expectation is if it breaks the 38% Fibonacci level, it may reach the 78% with some consolidation. This is our first variation. In this variation, after that correction if it also breaks 78%, the correction may continue further. Alternatively, if the decline finds support around the 38% Fibonacci level, it’s a sign of a bullish bias. We can expect a pullback continuation if it breaks the minor swing high. Until then, it may consolidate between the minor swing high and the 38% Fibonacci level. Note: If the market opens with a gap-up and breaks the minor swing high, the rally will continue. The upside levels remain the same.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for July 24th.Bank Nifty: Bank Nifty also has a range-bound structure, so the next movement is expected only if it breaks out of the range. Until then, it may continue within the current range. Due to the market closing within the range, precise levels are difficult to determine. However, if it breaks 52,502, it may continue the correction to a minimum of 51,325 to 51,186. Alternatively, if the gap-down doesn’t sustain and finds support around 51,502, then structurally it may continue within the range, with an expected upside to a minimum of 52,086 and up to the 61% Fibonacci level. Note: If the market opens with a gap-up and breaks the minor swing high, the rally will continue. The upside levels remain the same
NSE:BANKNIFTY
by Manickamtraders
Strong Wave 5th is happening! -Nifty Wave Analysis in DTFWhere are we standing according to Elliott Wave in Nifty? Wave Counting: The impulse that started after the COVID crash is almost near it's completion. Currently, we are in Wave 5th of the bigger Wave 5th. Wave 3rd completed in October 2021. Wave 4 (truncated) completed in March 2023. The Wave 5th started in March 2023 , and we are in the sub-waves of this final wave. This wave can extend since Wave 3 of Wave 5 was truncated (failed to reach 161.8%). The targets for Wave 5 of Wave 5 can be: 23897 (127% - minimum) 24608 (161.8%) 25394 (200%) 261.8% (maximum) - rare case Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:NIFTYLong
by WaveMoku
1
#Nifty directions and levels for July 19th.Good morning, friends! 🌺🍬 Here are the directions for July 19th: In the last session, the Dow Jones fell drastically, indicating a negative bias. Our local market has a mixed bullish sentiment. Today, the market may open with a neutral to slightly gap-up start, as indicated by the Gift Nifty, which shows a +10 points. Nifty and Bank Nifty are showing different structures. Nifty has a solid bullish structure, while Bank Nifty is in consolidation. Let's look at this one by one. Nifty: In the previous session, Nifty had a huge movement at the end of the day, making a new high with a solid handle. What’s next? I will explain step by step to help you easily understand. Point 1: If you roughly look at the chart, it shows a solid bullish structure. You can expect the rally to continue if it breaks the previous high. This is the basic structure. Point 2: But even if made a new high with solid candle The RSI did not break the previous high in 4H, 1H, or even 15min. At the same time, the Dow Jones also fell drastically. Point 3: And if u look at the Bank Nifty it did not participate in this rally. but it has a consolidation. If it breaks the consolidation, it may help continue the rally. The probability is uncertain. Considering these three points, it’s complicated to conclude the direction. Here’s my opinion: if the market breaks the previous high and Bank Nifty supports it, we can enter a long position, which may yield better results. Alternatively, if there is a solid breakout candle, you can enter, but the decision is yours. This is our bullish variation. Bearish view: Alternatively, if the market declines initially, we could wait for the 38% Fibonacci level breakout. If it breaks, we can expect a correction of a minimum of 50% to 78%. On the other hand, if it doesn’t break 38%, then it will maintain the bullish bias.
NSE:NIFTY
by Manickamtraders
1
#Nifty directions and level for July 18th.Good morning, friends! 🌺🍬 Here are the directions for July 18th: The global market has a bullish sentiment (based on Dow Jones). Our local market has a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start because the Gift Nifty indicates a 20-point decrease. Nifty: In the previous trading session, Nifty opened with a gap-up but did not rise much higher. Structurally, it is showing consolidation, which is likely to continue in the same direction. However, this will only happen if it breaks the previous high. Given that Gift Nifty suggests a gap-down opening today, the scenario changes slightly. So, If the market declines initially, we can expect a 23% to 38% level of correction. After that, if it finds support at these levels, the consolidation may continue. For a continuation, it must break the 38% Fibonacci level solidly. Alternatively, if the gap-down doesn't sustain and the market pulls back, we can expect consolidation until it breaks the previous high. If it breaks the previous high with a solid candlestick structure, a rally continuation is expected, with some consolidations around the resistance levels. On the other hand, if it doesn't break with a solid candlestick structure, the market may continue in a diagonal pattern, meaning it won't generate much premium today. (I have plotted a bow and tie pattern). Note: You can follow the same sentiment if it opens with a gap-up movement.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for July 16th.Bank Nifty: Bank Nifty maintained a range market in the previous session and may continue that today. We can try a range breakout trade: that's if the market breaks the previous day's high, we can expect a swing high to 52,878. On the other hand, if it declines, we should wait for a breakout below 52,263. If that happens, it may fall further to a swing low of 52,088. Even if it breaks either upside or downside, the premium might not increase much. So please take your positions based on your knowledge.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for July 16th.Good morning, friends! 🌺🍬 Here are the directions for July 16th: Global markets are maintaining their range (based on the Dow Jones). Our local market has a moderately bullish trend. Today, the market may open neutral to slightly gap-down, as indicated by GiftNifty, which shows a decrease of 13 points at 8:00 am. Nifty and Bank Nifty have different structures: Nifty indicates a moderately bullish bias, while Bank Nifty indicates a range-bound market. Let's look at each one. Nifty: In the previous session, Nifty maintained a gap-up sentiment, but there was no big movement. Based on the wave structure, it could be a 5th wave, meaning a distribution wave. So, today we might see an initial correction. This is our first variation. Alternatively, if the market pulls back and consolidates or breaks the supply zone, we can expect the rally to continue. in this case, If the market doesn't break the supply zone, it may consolidate between the supply zone and the 38% Fibonacci level in the minor swing. > Without breaking this 38% level, it may maintain a bullish bias. A correction is expected only if it breaks the 38% level in the minor swing. > that means, If it sharply rejects around the supply zone and breaks the 38% Fibonacci level in the minor swing, it may turn into a correction.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for July 15th.Good morning, friends! 🌺🍬 Here are the directions for July 15th: The global markets are showing a slightly bearish sentiment (based on the Dow Jones). Our local market is maintaining a moderately bullish trend. Today, the market may open neutral or with a gap-up start, as indicated by GiftNifty, which shows an increase of 50 points at 8:00 am. Nifty and Bank Nifty have different structures: Nifty indicates a two-way move, while Bank Nifty indicates a range-bound market. Let's look at each one. Nifty has closed above the all-time high after seven consecutive consolidation sessions. This suggests a solid rally ahead on a normal trading day. However, with the upcoming budget event, even if the market breaks the all-time high again, it is unlikely to go much higher due to current sentiment rather than technical factors. > Based on this sentiment, if the gap-up sustains, we can expect a minimum of 24608 to 24644. After that, if the market rejects around the supply zone, we can expect a reversal of 38 to 78% in the Fibonacci sequence. This is our first variation. On the other hand, if the market doesn't reject there and consolidates, the rally will likely continue further. > Alternatively, if the gap-up doesn't sustain, it may range between the previous day's high and the 4th wave demand zone. In this sentiment, there is no big correction. The correction will continue only if it breaks 24420.
NSE:NIFTY
by Manickamtraders
2
#Banknifty directions and levels for July 15th.> Bank Nifty has a range-bound sentiment. If the initial market takes a pullback, we can expect a range between the previous day's low and 52666. In this case, the rally will continue only if it breaks the level of 52666. > Alternatively, if the gap-up doesn't sustain, the same range-bound market may occur. If the initial market declines, it may continue the range between the previous day's high and 52090 or 78%. Here, the correction will continue only if it breaks the 78% Fibonacci level.
NSE:BANKNIFTY
by Manickamtraders
ULTRACEMCO - ELLIOT WAVE 5 IN MAKINGHi All, This idea is about Ultratech Cement Mkt Cap - 3L Cr ROE - 12% ROCE 15.3% P/BV - 5.56 MktCap/Sales - 4.7 FCF - 2k Cr Technicals Price action being published is on a 1 hour TF. As can be seen by the pattern, Elliot waves are in motion. Wave 1 was an impulsive wave followed by Correction wave (Wave 2). Ideally Wave 2 should correct to 50-60% as per Elliot theory & that is what happened during Wave 2 formation. Wave 4 corrected again by 30% and point 4 above point 1 which all points to the validation of Elliot theory. Wave 5 is about to commence which is as per the theory strongest impulse wave. Cement Sector as a whole is doing well due to boost in infra sector. Happy Trading, Thanks, Stock-n-Shine
NSE:ULTRACEMCOLong
by Stock-n-Shine
Nifty Reaches 24,500 Target: Elliott Wave Analysis Disclaimer: ------------------------ Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell. WaveTalks - Market Whispers: Can you hear them? ---------------------------------------------------------------------------------------------- General Election 2024: Impact on Nifty The 2024 General Election resulted in a clear victory for the existing NDA government, with Prime Minister Narendra Modi securing a third term. This political stability had a positive impact on the Indian market index, Nifty. ----------------------------------------------------------------------------------------------- Pre-Exit Poll Movement Before the election results were declared, we proposed an outlook for Nifty to reach 24,500 as a pre-exit poll objective. This prediction was published on TradingView as "Pre-Exit Poll Outlook - Bulls above 22,400 " on 31st May 2024. ----------------------------------------------------------------------------------------------- Achievement of Target Following the election results, Nifty saw a significant rise from the lows of 21,281 on June 4, 2024, and successfully reached our proposed target of 24,500 on July 12, 2024. However, there was a knee-jerk reaction as the index failed to surpass the 400-seat mark announced during the election campaigns, leading to some volatility when the actual results were declared on June 4, 2024. ----------------------------------------------------------------------------------------------- Unfolding Structure: The Leading Diagonal Since early March 2024, we have been discussing the potential for an explosive upside based on a leading diagonal pattern, also known as a Rising Wedge in traditional analysis. This Elliott wave pattern typically indicates a bullish trend, especially in the context of the 2024 General Election. We believed in the bullish scenario and termed it the "Leading Diagonal," expecting significant market movement. ----------------------------------------------------------------------------------------------- Why I Believe in Wave Analysis As a Wave Analyst, my journey began with a curiosity about the market's patterns and behaviors. Eight years ago, in 2016, I started writing for TradingView and was given an opportunity to look into India Business for the brand during its early expansion years in India. On a personal front, I progressed to learn the nuances of wave analysis and started applying them to publicly traded liquid financial instruments. The results were astounding, providing 90-100% accuracy in the analysis. The science behind wave analysis is robust, but it does come with the limitation of alternate views if the price breaches the cardinal rules. More details on this will be discussed in my upcoming book on wave analysis (no ETA available at the moment). ----------------------------------------------------------------------------------------------- Pattern Analysis Rising Wedge: Often seen as bearish or bullish from a traditional technical analysis point of view, Elliott Wave analysis goes one step further by identifying the pattern's nature as bullish or bearish and can complement the unfolding events. General Election 2024: The election acted as a catalyst for the bullish trend. Patience Rewarded: Participants who held their positions since October 2023 are now reaping the benefits. ----------------------------------------------------------------------------------------------- Future Outlook Key Psychological Level: 24,500 Nifty holding above the 24,500 level is crucial. If the index continues to bounce above this level, we anticipate the bull run to persist. Target: 27,620 Our next target is 27,620, where the current rising wedge in Wave-1 should travel 162% of the minimum distance if this is to be Wave-3. ----------------------------------------------------------------------------------------------- Additional Insights Reliance Long Term: Nifty Explosive Series Episodes Starting Comex Copper: These episodes as published on TradingView earlier, hinted at an explosive Nifty to unfold and how Dr. Copper’s move supported the outlook. This should be discussed as a different branch of technical analysis called Intermarket relations in my book, suggesting a strong bullish sentiment. In conclusion, the political stability from the 2024 General Election has propelled Nifty into a strong bullish trend, with a key psychological level at 24,500 and a future target of 27,620. ----------------------------------------------------------------------------------------------- Regards From WaveTalks Abhishek
NSE:NIFTYLong
by WaveTalks
3
#Banknifty directions and levels for July 12th.Yesterday, there was significant movement in Banknifty. What about next? As per the pullback, the market may go further up with minor consolidation. GiftNifty also indicates that. If the market opens with a gap-up, we can expect minor rejection around the immediate resistance level. If this happens, it may retrace up to 23 to 38%. After that, if the market finds support at the 38% level, it may continue the rally with minor consolidation. This is our basic structure. In this case, we have to discuss something simple and not too complicated: > 1st one, There is no need to reject around the immediate resistance level. If it happens, we can expect a minor retracement. that menas If the market consolidates or breaks it with a solid candle structure, the rally will likely continue further(around the immediate resistance). > 2nd one, Is there any correction possible? Yes, correction is also possible. If the retracement breaks the 38% Fib level, it may continue to range. > This sentiment is also applicable for an initial market decline. This means that if the gap-up doesn't sustain or if the market declines sharply initially, we can follow the same sentiment.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for July 12th.Good morning, friends! 🌺🍬 Here are the directions for July 12th: There are no significant changes in the global markets, which are still showing a moderately bullish trend. Our local market is also showing a moderately bullish trend. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 60 points. Yesterday, there was significant movement in Nifty. What about next? As per the pullback, the market may go further up with minor consolidation. GiftNifty also indicates that. If the market opens with a gap-up, we can expect minor rejection around the immediate resistance level. If this happens, it may retrace up to 23 to 38%. After that, if the market finds support at the 38% level, it may continue the rally with minor consolidation. This is our basic structure. In this case, we have to discuss something simple and not too complicated: > 1st one, There is no need to reject around the immediate resistance level. If it happens, we can expect a minor retracement. that menas If the market consolidates or breaks it with a solid candle structure, the rally will likely continue further(around the immediate resistance). > 2nd one, Is there any correction possible? Yes, correction is also possible. If the retracement breaks the 38% Fib level, it may continue to range. > This sentiment is also applicable for an initial market decline. This means that if the gap-up doesn't sustain or if the market declines sharply initially, we can follow the same sentiment.
NSE:NIFTY
by Manickamtraders
4