ANALYSIS MENTIONED ON THE CHART
One of the Most Interesting Point Observed by R N Elliott is Behavior of Mass psychology during formation of Top or Bottom During Ending of Trend the entire Crowd is Bullish and they are so bullish that the Options seller for PE are selling Options @ throw away price and CE options are sold at Highest Premium ever it can be sold , Open Interest, Sentiment...
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M_M making 5th wave of Elliott to complete wave 7th/ Wave - B (corrective wave) of whole cycle so buy above this consolidation phase @ 655 ---------------------------------------------------------- ________________________________________ intraday target 1 ---- 664 intraday target 2 ---- 672
As I had shared in yesterday's post, Nifty was forming lower degree wave (b) of higher degree Wave B and as per fib retracement, correction didn't appear complete then .. Hence was excepting a bearish day ... However, Nifty opened gap up, which in itself was a trap ... Distribution continued till second half n then expected down move happened ...Wave (b) has given...
Check the earlier update today, #BANKNIFTY danced to the waves and sunk. Should have a several hundred point down still to go. Racing down in Wave 5
analysis mentioned on the chart
Nifty opened gap down today and as posted yesterday, after an initial rally, Nifty continued correcting as part of lower degree wave (b) of higher degree Wave B ... However, as per the fib retracements marked on the chart, it appears that the correction isn't complete yet ... Hence view for tomorrow continues to be bearish ... 11420 being a strong support zone,...
nifty may fall as expected its forming either 3 rd wave or wave c in the market
analysis mentioned on the chart