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Elliott Wave

Nifty still going Down? Application of Elliott waves and FiboNSE:NIFTY has corrected by 3500 pts (13.3%) from its high of 26,277 in Sep’24. In post COVID era this is the 2nd biggest correction in terms of % and biggest in points. Let us use Elliot wave theory and the Fibonacci retracement tool Wave Time Start to End Points (percentage from top) Wave (X) ( (i) to (ii) ) Oct-21 to Jun-22 18,604 to 15,183 3,421 pts (18.4%) Wave Y ( iii to iv ) Sep-24 to Feb-25 26,277 to 22,986 3,290 pts (13.28%) Wave Z ( I to ii ) Dec-22 to Mar-23 18,887 to 16,828 2,059 pts (10.79%) Wave (X) ≈ Wave Y || 3421 ≈ 3290 (Δ4%) Wave Y ≈ 168% * Wave Z || 3290 ≈ 161.8%*2059 (i.e. 3331) (Δ1%) *In stock market waves will hardly be exactly equal, 5% of deviation is acceptable to me. While Wave Y & Z are of same degree, wave (X) is of higher than these two.
NSE:NIFTY
by saransh_bagdi
4
#Nifty directions and levels for February 11th:Good morning, Friends! 🌞 Here are the market directions and levels for February 11th: Market Overview There have been no significant changes in the global markets, which continue to maintain a bullish sentiment, as indicated by the Dow Jones. However, our local market is showing a moderately bearish sentiment. Today, the market may open neutral or with a slight gap-up, as Gift Nifty indicates a positive sign of 60 points. In the previous session, both Nifty and Bank Nifty closed negative. However, the structure still appears range-bound with a bearish bias. So, if the gap-up sustains, the market could attempt to reach the top of the range in the upcoming days. On the other hand, if it breaks the previous day's low, the correction may continue further. I have taken the chart sentiment based on this—let's look at that. Both Nifty and Bank Nifty structures are similar. Nifty Current View The current view suggests that, based on the structure, the gap-up may not sustain. So, if the market starts declining, it could reach a minimum of 23,319 to 23,289. After that, if it consolidates or breaks this level, we can expect the correction to continue. On the other hand, if it finds support there, it could form a range-bound structure between the 50% upside level and the bottom at 23,289. Alternate View The alternate view suggests that if the market sustains the gap-up, it could reach a minimum of the 38% and 50% levels. But both are major resistance levels. So, if the market rejects at these levels, it may consolidate between the 50% level and 23,289 with a bearish bias. However, if the market breaks the 50% level with a strong candle or after some minor consolidation, it could reach the 78% level in this minor swing.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for February 11th:Bank Nifty Current View The Bank Nifty structure is similar to Nifty. If the market declines initially, it could reach a minimum of 49,777 to 49,611. After that, if it consolidates or breaks this level, we can expect the correction to continue. On the other hand, if it finds support there, it could form a range-bound structure between the upside level of 50,172 and the bottom at 49,611. Alternate View The alternate view suggests that if the market sustains the gap-up, it could reach 50,172, which is a major resistance level. If the market rejects at this level, it may consolidate between 50,172 and 49,611 with a bearish bias. However, if the market breaks the 50,172 level with a strong candle or after some minor consolidation, it could reach the 50,441 level in this minor swing.
NSE:BANKNIFTY
by Manickamtraders
Is Tata Motors Ready for a Bullish Reversal?Timeframe: Daily Tata Motors (NSE) has been in an expanded flat correction pattern for the past 11 months. In this pattern, the highest high (HH) was 1179, and the lowest low (LL) was 683.2. Currently, the price is trading below the 200, 100, and 50 EMA levels, indicating a bearish trend. In this expanded flat correction: Wave (A) completed at 855.4, Wave (B) peaked at 1179, Sub-wave 4 of Wave (C) touched 786.65, Sub-wave 5 is now unfolding. Once Wave 5 is completed, traders can look for buying opportunities with target levels at 799 – 951 – 1050+. First, it’s crucial to identify the end of Wave (C) to confirm the correction’s completion and a bullish reversal. Projecting ending point of wave (C): Wave (C) may end at 2.618% of Wave (A) around 628.7. Wave 5 has multiple potential targets/support levels: 0.618 extension of Wave 1 at 526, 0.382 extension of Wave 1 at 628, 1.618 reverse Fibonacci of Wave 4 at 657, 2.618 reverse Fibonacci of Wave 4 at 562. We will update further information soon.
NSE:TMPV
by forextidings
14
#Banknifty directions and levels for February 10th:Bank Nifty – Current View Bank Nifty’s structure is similar to Nifty’s. If the market sees a solid initial decline, we can expect a minimum target of 49,742. After that, if a pullback occurs, we may see a range-bound market. However, if 49,742 breaks, the correction is likely to continue. Bank Nifty – Alternate View The alternate view suggests a bullish sentiment. However, initially, we should approach it as a range-bound market. The rally will continue only if the market breaks the previous high.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for February 10th:Good morning, Friends! 🌞 Here are the market directions and levels for February 10th: Market Overview There have been no significant changes in the global markets, which continue to maintain a bullish sentiment, as indicated by the Dow Jones. However, our local market is showing a moderately bullish sentiment. Today, the market may open neutral to slightly gap-down, as GiftNifty indicates a negative move of 30 points. The structure of both Nifty and Bank Nifty suggests a range-bound market in both higher and lower time frames. However, most of these range-bound movements are unstructured, so we should approach these charts conservatively. Below, I have shared some usual structures—let's take a look. Nifty and Bank Nifty structures differ slightly. Nifty indicates a minor correction, whereas Bank Nifty has a bullish structure. Nifty – Current View If the market opens with a solid decline, it could reach a minimum of 23,423, which is the pullback zone, with some minor consolidation. The correction is likely to continue only if the market breaks this pullback zone with a solid structure. Otherwise, it could re-enter the range-bound zone. Nifty – Alternate View If the market pulls back after a gap-down opening, it could reach the 50%–61% retracement zone. However, we should approach this conservatively, as there are multiple variations. For example, if the previous correction was the first leg, the current pullback could be the second leg. If the market rejects around the 61% level, then a third corrective leg may follow. This is just one possible scenario, so a conservative approach with breakout entries is better.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for the second week of FebruaryGood Afternoon, Friends! 🌞 Here are the market directions and levels for the second week of February: Market Overview In the previous week, both markets experienced some fluctuations. However, the structures appear to indicate a range-bound market. In the upcoming week, the global market has several major events, including Fed Chair Powell's testimony, the Inflation Rate, Core Inflation Rate, PPI, Retail Sales, and more. On the local front, BJP has won the Delhi election, and it remains uncertain how the market will react to this. So, this week could be slightly volatile. The structure of both Nifty and Bank Nifty suggests a range-bound market. Typically, movements in a range-bound market are unstructured, so we should approach this conservatively. This means that if we identify a clear structure, we can enter; otherwise, the success rate may decrease. Let's take a look at the charts. Both Nifty and Bank Nifty exhibit the same structural sentiment. Current View: The current view suggests that after the sharp pullback has ended, a minor correction is in progress. We can usually expect a three-wave structure in this correction. If it continues, we can anticipate a minimum correction of 50% to 61% in the current swing. > After that, if it finds support at either the 50% or 61% level with a three-wave structure, it would indicate a continuation of the rally. > However, we should seek some reversal confirmation using certain parameters, such as the EMA 20 or a breakout at the 38% Fibonacci level. This is the current view. > Notably, due to the BJP's victory in the Delhi election, if the market starts this week with a bullish bias and breaks the previous high without forming this three-wave structure, we can also follow the upside levels. In this case, it could be considered an extension variation. Alternate View: The alternate view suggests that Gift Nifty indicates a negative start in the first session of the week. So, if a solid correction structure forms, the trend will likely continue once the price breaks below the 78% mark on the downside. Until then, we should consider both Nifty and Banknifty to be in a range-bound market.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for the second week of FebruaryCurrent View: The current view suggests that after the sharp pullback has ended, a minor correction is in progress. We can usually expect a three-wave structure in this correction. If it continues, we can anticipate a minimum correction of 38% to 50% for Bank Nifty in the current swing. > After that, if it finds support at either the 38% to 50% level with a three-wave structure, it would indicate a continuation of the rally. > However, we should seek some reversal confirmation using certain parameters, such as the EMA 20 or a breakout at the 38% Fibonacci level. This is the current view. > Notably, due to the BJP's victory in the Delhi election, if the market starts this week with a bullish bias and breaks the previous high without forming this three-wave structure, we can also follow the upside levels. In this case, it could be considered an extension variation. Alternate View: The alternate view suggests that Gift Nifty indicates a negative start in the first session of the week. So, if a solid correction structure forms, the trend will likely continue once the price breaks below the 78% mark on the downside. Until then, we should consider both Nifty and Banknifty to be in a range-bound market.
NSE:BANKNIFTY
by Manickamtraders
KALYAN JEWELLERS how much it can go up?Wave (c) of Elongated Flat Correction finished near 420 price level in KALYAN JEWELLERS. It is observed that whenever there is Elongated Flat Correction (wave (c) will go beyond 161.8% extension), the price further tends to go in Double Correction. Now, after every Flat Correction, price will go 61.8% retracement of entire move most of the times. So we can assume here that KALYAN JEWELLERS will continue in uptrend upto 61.8% (near 652 level) and here it may form wave (X) of Double Correction. Price may then reverse again to form wave (Y). This analysis is based on Elliott Wave theory and Fibonacci. This not any buying or selling recommendations. This analysis is for educational purposes only.
NSE:KALYANKJIL
by theprofityogi
1
elliot waves in HONDA POWER PRODUCTSHonda India Power Products Ltd., incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 2,503.41 Crore) operating in Electric/Electronics sector. Honda India Power Products Ltd. key Products/Revenue Segments include Electrical Equipment, Export Incentives, Sale of services, Other Operating Revenue and Scrap for the year ending 31-Mar-2024. For the quarter ended 30-09-2024, the company has reported a Standalone Total Income of Rs 187.09 Crore, up 20.78 % from last quarter Total Income of Rs 154.90 Crore and down 36.90 % from last year same quarter Total Income of Rs 296.50 Crore. Company has reported net profit after tax of Rs 8.54 Crore in latest quarter. The analysis posted on the chart is for study purposes only and not a buy or sell recommendation
NSE:HONDAPOWERShort
by TechnicalAnalystSucrit
NIFTY: New high or new low ahead?It looks like NIFTY is in wave 4 currently. If this counting is correct, price should not break below wave 2 (23222 level). Because according to rule, wave 4 will never be parallel or below wave 2. It means price will eventually go in wave 5. Now, as per this counting wave 3 is shorter than wave 1. And rule says wave 3 is never the shortest wave. It means wave 5 will be shorter than wave 3 here. We may assume target of wave 5 as 24034. But if price falls below wave 2, this counting becomes invalid. And price may go in new low.
NSE:NIFTY
by theprofityogi
1
Alteration between wave(ii) and (iv) is a law of the markets Wave (iii) is exactly 2.618 of wave (i) taken from the end of wave (ii) . Wave (ii) is a flat correction . So wave iv cannot be a flat correction , as per the law of alternation , which basically means wave ii and wave iv cannot be similar. Dissimilarity can occur by price correction and by time correction . I think we will get a time correction here , if not price correction . Basically saying , avoid . If it explodes next week it will just be wave v . Always wave iv has to balance wave iv either by time of price. Regards
NSE:DIVISLAB
by AJAYSHARMA
NSE LINDEINDIA – Elliott Wave ProjectionTimeframe: Daily NSE LINDEINDIA is currently trading below both the 100 and 200 EMAs, indicating a bearish trend. The ATR stands at 232, reflecting low volatility while supporting the ongoing downward movement. The price action has formed a descending channel, with a clear corrective pattern visible within this structure. The price has completed wave 5 of wave (C) and begun moving upward. A downward value area is visible near the lower band of the descending channel. The price has reached 100% of wave (A), suggesting it has hit the anticipated Fibonacci ratio, indicating a potential correction. To confirm this assumption, the price must break above wave 4 of wave (C) at 6800 . If this breakout occurs, traders can look for the following targets in a long setup: 7500 – 8198 – 8660+. We will update further information soon.
NSE:LINDEINDIA
by forextidings
#Banknifty directions and levels for February 5th:In the previous session, Bank Nifty had a solid rally, suggesting further continuation. However, We can expect a rally only if it effectively breaks through this supply zone. If it does, we can anticipate a solid rally. However, if it rejects around the supply zone or if the market declines initially, we can expect a minimum retracement of 38% to 61% in the minor swing, using the Fibonacci levels from the swing low to the upcoming high (from 48,906 to the anticipated high)
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for February 5th:Good Morning, Friends! 🌞 Here are the market directions and levels for February 5th: There haven’t been any major changes in the global markets, which still show a bullish sentiment (as seen in the Dow Jones). Our local market is also showing a moderately bullish sentiment. Today, the market may open with a neutral to slight gap-up, as the GiftNifty indicates a positive sign of 70 points. In the previous session, both Nifty and Bank Nifty had a solid rally, suggesting further continuation. However, some parameters have a neutral bias. In my view, we can expect a rally only if it effectively breaks the 23,822 level. If it does, we can anticipate a solid rally. On the other hand, if it rejects around the supply zone or if the market declines initially, we can expect a retracement of 38% to 61% in the minor swing.
NSE:NIFTY
by Manickamtraders
1