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Elliott Wave

#Nifty directions and levels for August 7th.Good morning, friends 🌞 Here are the directions and levels for August 7th. Market Overview The global market has been in a minor range, and our local market has a moderate bearish sentiment. Today, the market may open with a gap-up, indicated by a 200-point positive start in GIFTNIFTY. Both Nifty and BankNifty share the same range market sentiment. Let's take a closer look: Even though the previous session opened with a gap-up, it didn’t sustain, and both Nifty and BankNifty maintained their bearish bias. Today also the market may open with a minimum of 150 points positive. What about today? If this happens structurally, it could turn into a range market. Range market movements are usually difficult to predict. However, my expectation is that if the market opens with a gap-up, the 24,292 level will act as immediate resistance. If the market consolidates around there, we can expect a pullback continuation if it breaks this level, with targets expected at 24,364 up to the Fibonacci level of 61%. This is our first variation. Alternatively, if the gap-up doesn’t sustain, it may consolidate within the previous day's range. In this variation, a correction is anticipated only if it falls below the previous low.
NSE:NIFTY
by Manickamtraders
1
#Banknifty directions and levels for August 7th. Even though the previous session opened with a gap-up, it didn’t sustain,BankNifty maintained their bearish bias. Today also the market may open with a minimum of 200 points positive. What about today? If this happens structurally, it could turn into a range market. Range market movements are usually difficult to predict. However, my expectation is that if the market opens with a gap-up and breaks the 38% level solidly, we can expect the next target at 50,468. After that, if it consolidates, the pullback will continue. On the other hand, if it rejects this level, the range market will likely continue. Alternatively, if the gap-up doesn’t sustain, it may consolidate within the previous day's range. In this variation, a correction is anticipated only if it falls below the previous low.
NSE:BANKNIFTY
by Manickamtraders
Fin Nifty is Bearish - Can hit 22680 in coming days! 1:3.5 RRWhy Short Fin Nifty: Current Market Price: 23879 Fin Nifty has completed its 1-2-3-4-5 subwaves and rejected the 261.8% level (24,027) yesterday. Risky players can short at current price but it has strong support at 23,750. Once this level breaks, the price structure will change, giving us double confirmation as Ichimoku will break both the TS and KS by that time. So this entry will be safer but SL will be little big. Stop Loss: 24,056 T arget: 22,680 Risk-to-Reward Ratio: 1:3.5 Note: We always prefer futures or option selling with an edge to avoid overnight risks. 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
NASDAQ - Possible moves [Wave Theory]I'm not an expert of wave theory but I have an inclination towards it. Wave theory is nothing short of brilliance! NASDAQ seem to have completed its 5 waves and now following the ABC retracement wave. NASDAQ:NDX should now move to its B wave and show some bounce. It should be followed by further downwards retracement during C wave. Trigger for C wave my be the FOMC meeting in Sept. Let's see. Disclaimer: I'm sharing my analysis. Wave theory is not my strong forte. Do your own research & analysis before taking any action.
NASDAQ:NDX
by anuragcoma15
#Nifty directions and levels for August 6th.Good morning, friends 🌞 Here are the directions and levels for August 6th. Market Overview The global market experienced a pullback, but sentiment remains bearish, and our local market also has the bearish sentiment. Today, the market may open with a gap-up, indicated by a 150-point positive start in GIFTNIFTY. Both Nifty and BankNifty are reflecting the same sentiment. Let's take a closer look: 1.Basic Structure: Nifty and BankNifty both fell drastically in the previous session. Whenever the market takes a sharp movement, it will take some consolidation afterward. How will it work in today's session? We can look at that. > As per the structure, there is no more pullback in this minor swing. So if the gap-up doesn’t sustain or if the initial market declines, we can expect minor consolidation between the previous low to 38% Fibonacci level to the upside. After that, if it breaks yesterday's low, then the correction will likely continue to the level of 23801. This is our basic structure. 2.Alternate View: The alternate view is similar to the consolidation, but this time we wouldn't expect a correction. Instead, we can expect pullback continuation if it breaks the 38% Fibonacci level to the upside again. If it happens, we can expect the pullback target to the level of 50%. Once if it rejects there, then we can expect correction. Simply, it's also a range market variation. 3.Price Action Scenario: The third scenario is taken from the price action. If the initial market takes a solid pullback and closes above the 38% Fibonacci level, then it may continue further to the level of 61% with minor consolidation. Do you want to realize if it is progressing in this variation? Just observe if it consolidates around the immediate resistance level or if it forms an inside bar, then it may continue the rally. These are my expectations for today. In my personal opinion, if the market enters consolidation, trading will become more challenging. If you choose to enter, reduce your position size. However, if you have a clear direction, you can trade more effectively.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for August 6th.1.Basic Structure: As per the structure, there is no more pullback in this minor swing. So if the gap-up doesn’t sustain or if the initial market declines, we can expect minor consolidation between the previous low to 38% Fibonacci level to the upside. After that, if it breaks yesterday's low, then the correction will likely continue to the level of 49439. This is our basic structure. 2.Alternate View: The alternate view is similar to the consolidation, but this time we wouldn't expect a correction. Instead, we can expect pullback continuation if it breaks the 38% Fibonacci level to the upside again. If it happens, we can expect the pullback target to the level of 50%. Once if it rejects there, then we can expect correction. Simply, it's also a range market variation. 3.Price Action Scenario: The third scenario is taken from the price action. If the initial market takes a solid pullback and closes above the 38% Fibonacci level, then it may continue further to the level of 61% with minor consolidation. Do you want to realize if it is progressing in this variation? Just observe if it consolidates around the immediate resistance level or if it forms an inside bar, then it may continue the rally. These are my expectations for today. In my personal opinion, if the market enters consolidation, trading will become more challenging. If you choose to enter, reduce your position size. However, if you have a clear direction, you can trade more effectively.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for the August 2nd week.Good evening, friends! 🌺🍬 Here are the market directions for the second week of August: Global and Local Market Overview Last week, both global and local markets experienced significant volatility, closing with a negative candle. On the weekly chart, the market shows a moderately bullish trend, but the 1-hour chart suggests a bearish sentiment. For this week, I anticipate a moderately bearish trend. Let's delve into the details. Nifty: Current View: - Nifty has completed the 5 sub-waves within the 3rd wave extension. Following this, a three-wave corrective pattern is expected. - The declines over the past two days, along with negative global market closures on Friday, suggest a bearish start on Monday. - If the market opens negatively, the 50% Fibonacci retracement level should act as strong support. If support holds, a 38% pullback is likely. - This pullback could be the 2nd sub-wave of the correction. If the market rejects this pullback and breaks the previous low, the correction will likely continue, targeting levels around 24365 to 78%. Alternate View: The alternate variation is a bit more complicated, but I will try to explain it simply. - If the initial pullback breaks the 38% Fibonacci level in the minor swing, it could reach the 61% and 78% retracement levels. - Usually, the one and two formations are very difficult to predict in the Elliott Wave. - Because the 2nd wave targets allow 90% of the 1st wave. - So, I use a common Fibonacci method: whenever the market breaks the Fibonacci level of 38%, it most often reaches 61% to 78%. - After that pullback, if it sustains or breaks the fib level 78%, then it may continue the rally further to the level of 25143 to 25209 (extension variation). - Or if it faces rejection at either one of the resistance levels (61% or 78%), it could turn into a correction. - However, we could take additional confirmation for the reversal that if both the EMA 20 and the Fibonacci level of 38% in the minor swing break, we can expect a reversal.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for the August 2nd week.Bank Nifty: Current View: Structurally, it's a range market, because whenever the market enters into double and triple corrections, it forms huge ups and downs within the range. It's very difficult to predict the proper direction. However, my expectation is the same as for Nifty. Let's look at that. - If Monday's market opens negatively, it could find support around the 51020 level or the 78% Fibonacci retracement. - If this happens, we can expect a 23% to 38% pullback in the minor swing. It's a minor pullback only. - after that, if it is rejected there(23 or 38% in the minor swing), then the correction will continue if it breaks the previous low again. This is our first variation. Alternate View: - If the initial bounce breaks the Fibonacci level of 38% in the minor swing, it could reach the next target of 61% and 78%. These are usual range market targets. - After that it faces rejection there (around 61% or 78%), then the range market will likely continue. - However, we could use the same reversal confirmations here as well(.EMA 20 and the Fibonacci level of 38% breakout) - Alternatively, if it sustains or breaks the level of 78% on the upside, then the pullback will likely continue to the level of 52526 and 52694.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for August 5th.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:BANKNIFTY
by Manickamtraders
#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