A formation of Bullish Triangular wave can be seen on the charts of IGL. One should buy the stock at cmp keeping a stop loss of 486 and look for the target of 430/460 & above. The final confirmation of the pattern is above 430. only aggressive traders should buy on cmp while the safe players should wait for the closing above 430.
now nifty has made round shaped pattern with ending diagonal at supply zone and also there is zone over zone. which gives a good confirmation for sell.
from now we will be bullish if it crosses 15450 and below 15450 -- bearish
so a good fall fall is expected in market after completion of ending diagonal.
PCR is 1.24
Indian VIX is @ 19.08
Nifty Elliott wave 2 will start unfolding soon. Which will take nifty to around 13131. Be cautious, all Global market and our Indian market is near their long term resistance. So we are facing smart money distribution.
Follow Blue count Wave (1) Leading was made when recovering from Mar 2020 low we are currently in wave (3) which is extended and still in progress.
Follow Orange count Five moves started in Oct-Nov 2020 which triggered massive rally wave (iii) extended nearly 261.8% of wave (i).
It came to end at ATH 15432 then this whole (i) to (v) wave sequence got corrected...
Wave B/X is about to complete. Once completes, there can be small pause for up-trend and fall for 600-800 pts possible. All these developments are part fo wave (2).
Banknifty update:
MCX Copper has just traced out a pattern that can be interpreted as a A-B-C Zigzag from recent highs. All 5 subwaves of the final C wave seem to be in place. This now means the uptrend should be back in force to new highs. Hold longs with Stop at recent lows.
Careful at the Tops!!! Target done from last idea 14900 to 15137 - Selling gets confirmed below 14884 - Target 1-14591 / Target 2- 14415 / Target 3-14151- Happy Weekend!!!
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Last idea - Can This Be A Wedge
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