Gold sliding Down - XAUUSDGold seems to have triggered a reversal for a C wave Impulse in the coming weeks, Let's see how it will pan out.
Elliott Wave
#Banknifty directions and levels for June 7th.ankNifty also exhibits the same sentiment. There is a sub-wave five, which is a distribution wave, potentially with lower volume. If this happens, the 78% Fibonacci level might act as strong resistance. On the other hand, if the pullback has a solid structure, we can expect the rally to continue with some consolidation.
The alternative variation is also the same: if the initial market takes a correction, then we can expect a range market. On the other hand, if the correction consolidates or breaks the 78% Fibonacci level, then it may fall further.
#Nifty directions and levels for June 7th.Good morning, friends! 🌺🍬 Here are the directions for June 7th:
The global market maintains a moderately bullish sentiment based on the Dow Jones, and our local market also follows a moderately bullish trend. Today, the market may open neutrally, as indicated by GiftNifty, which shows a decrease of 8 points.
Both Nifty and BankNifty share the same sentiment today. Let's first look at the Nifty chart.
Nifty has consolidated around the 78% Fibonacci level. Structurally, we can expect the rally to continue if it breaks the previous high. For more clarity, there is a sub-wave five, which is a distribution wave and might have lower volume. If this occurs, the supply zone will act as strong resistance. However, if the initial breakout at 78% has a solid structure, the rally will continue with minor consolidation around the supply zone. This is our first scenario.
The alternative scenario suggests that if the market initially takes a correction, the range market may continue. Typically, the range market corrects only to the 38% level, so if it finds support there, we can expect a pullback wave. Conversely, if the correction reaches the 38% Fibonacci level with a solid structure, the correction may continue further with some consolidation.
#Banknifty directions and levels for June 6th.Good morning, friends! 🌺🍬 Here are the directions for June 6th:
The global market has a moderately bullish sentiment based on the Dow Jones, while our local market also shows a moderately bullish trend. Today, the market may open with a gap-up, as indicated by GiftNifty, which shows an increase of 180 points.
Nifty and Bank Nifty both have had a solid pullback. Still, the market is moving based on events, so technical participation is less. However, let's look at the wave structure.
According to the wave structure, the market is moving in a five-three-five pattern, which means a zig-zag pattern. Currently, the first five waves are completed, and we are progressing through the three-wave pullback. Its maximum pullback level is the Fibonacci level of 78%. If the market rejects around the immediate resistance or the Fibonacci level of 78%, we can expect a trend reversal (bearish trend).
The important thing is we should take reversal confirmation by using the EMA20 or the Fibonacci level of 38% breakout in the minor swing. If these conditions are met, then we can assume the trend has turned into a correction phase. This is our wave structure. Now we can look at the basic price action structure.
Despite the market's recent drastic fall, the pullback follows the same structure. Whenever the market takes a sharp movement, it could retrace only 23 to 38%. So today, we expect that if the market rejects either one of the resistances, we can expect a 23 to 38% correction.
Note: The market does not necessarily take a correction. If it rejects sharply, then we can expect this. Otherwise, if it consolidates or breaks around the resistance, then the rally will likely continue
#Nifty directions and levels for June 6th.Good morning, friends! 🌺🍬 Here are the directions for June 6th:
The global market has a moderately bullish sentiment based on the Dow Jones, while our local market also shows a moderately bullish trend. Today, the market may open with a gap-up, as indicated by GiftNifty, which shows an increase of 180 points.
Nifty and Bank Nifty both have had a solid pullback. Still, the market is moving based on events, so technical participation is less. However, let's look at the wave structure.
According to the wave structure, the market is moving in a five-three-five pattern, which means a zig-zag pattern. Currently, the first five waves are completed, and we are progressing through the three-wave pullback. Its maximum pullback level is the Fibonacci level of 78%. If the market rejects around the immediate resistance or the Fibonacci level of 78%, we can expect a trend reversal (bearish trend).
The important thing is we should take reversal confirmation by using the EMA20 or the Fibonacci level of 38% breakout in the minor swing. If these conditions are met, then we can assume the trend has turned into a correction phase. This is our wave structure. Now we can look at the basic price action structure.
Despite the market's recent drastic fall, the pullback follows the same structure. Whenever the market takes a sharp movement, it could retrace only 23 to 38%. So today, we expect that if the market rejects either one of the resistances, we can expect a 23 to 38% correction.
Note: The market does not necessarily take a correction. If it rejects sharply, then we can expect this. Otherwise, if it consolidates or breaks around the resistance, then the rally will likely continue
#NiftyGood morning, friends.
I'm sorry for saying this, but I don't have much experience with trading during election times. I'm just trying to share a sentiment, so please don't misunderstand me.
I read some expert sentiments suggesting that until the newly elected party fully takes on its role, the market may undergo a correction because the party won with a minority. I think so too. If you have any other sentiments, please share them with me so we can discuss them.
#BankniftyGood morning, friends.
I'm sorry for saying this, but I don't have much experience with trading during election times. I'm just trying to share a sentiment, so please don't misunderstand me.
I read some expert sentiments suggesting that until the newly elected party fully takes on its role, the market may undergo a correction because the party won with a minority. I think so too. If you have any other sentiments, please share them with me so we can discuss them.
#Nifty Good morning, friends! 🌺🍬
Today is a big day for the market, so I am sharing my Fibonacci levels. I have provided two pictures: one shows the extension levels for the upside. If the market takes a bullish bias, these levels might be useful. On the other hand, if the market takes a bearish bias, use the Fibonacci retracement tool for your downside targets. Usually, we use the Fibonacci minor swings, so you can follow that for better results. The swing should only be changed if it breaks the 78% Fibonacci level in that minor swing. If this happens, you should step down to your swing low, which I have indicated using the oval tool. Have a nice day!🤝
#BankniftyGood morning, friends! 🌺🍬
Today is a big day for the market, so I am sharing my Fibonacci levels. I have provided two pictures: one shows the extension levels for the upside. If the market takes a bullish bias, these levels might be useful. On the other hand, if the market takes a bearish bias, use the Fibonacci retracement tool for your downside targets. Usually, we use the Fibonacci minor swings, so you can follow that for better results. The swing should only be changed if it breaks the 78% Fibonacci level in that minor swing. If this happens, you should step down to your swing low, which I have indicated using the oval tool. Have a nice day!🤝
#Nifty directions and levels for June 3rd.Good morning, friends! 🌺🍬
The global market shows a moderately bullish sentiment based on the Dow Jones, while our local market also indicates a moderately bullish sentiment (as per the structure). Today, the market may open with a long gap-up, as indicated by GiftNifty, which shows an increase of 820 points.
Sorry for saying this, but the upcoming two to three sessions might be unpredictable due to the election results. So don't mistake me; I'm just sharing my Fibonacci numbers, which might support your trade setup. Have a nice day🤝.
#Banknifty directions and levels for June 3rd.Good morning, friends! 🌺🍬
The global market shows a moderately bullish sentiment based on the Dow Jones, while our local market also indicates a moderately bullish sentiment (as per the structure). Today, the market may open with a long gap-up, as indicated by GiftNifty, which shows an increase of 820 points.
Sorry for saying this, but the upcoming two to three sessions might be unpredictable due to the election results. So don't mistake me; I'm just sharing my Fibonacci numbers, which might support your trade setup. Have a nice day🤝.
UPCOMING WEEK GOLDGold will try to recover the fall,however it will not break All Time High, still it is in correction era, ideally, i see it will most likely do zigzag correction (5:3:5) structure.Good trading week all.
A triangle or a flat in wave 4 of one lesser degreeRunning into to wave 4 of one lesser degree within a higher degree wave 3. I envisage a triangle . A pause in price action,after that we will be in a wave 5 within a higher degree wave 3 . Investors Hold . Regards
Nifty - Pre Exit Poll Outlook: Bulls Above 22,400 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?
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Key Levels to Watch:
- Immediate Resistance: 23,000
What Unfolded Last Week:
The index retraced 600 points, making a low of 22,417 as expected pause below 23000 in the last idea.
Last Idea - Nifty Explosive (Part 3): From 22,000 to 23,000 in Record Time!
Future Expectations:
If Nifty surpasses the 23,000 mark, it will confirm that the bulls are in charge, reflecting the market optimism seen since early 2014.
Nifty has strong support in the 22,400-22,500 zone. Holding above this zone, we expect an upward move towards the 22,775-22,825 target zone. If it holds above 22,825, it can target 23,000. Beyond 23,000, bulls will take charge, potentially driving the index to 23,500 and later 24,500.
Note:
Strictly no trades below 22,400.
From WaveTalks
Abhishek
#Banknifty Directions and Levels for May31st.The Banknifty structure differs slightly from Nifty, but the sentiment is the same. The current variation suggests that if the initial market takes a solid pullback and breaks the level of 48938, we can expect it to reach 61%. Notably, the market will continue the rally only if it sustains above the level of 48938. If it doesn't sustain above this price, the range market might continue.
Alternatively, if the initial market corrects, the downside 61% Fib level will act as minor support. My personal opinion is that if the market declines initially, it may enter a range market.
#Nifty Directions and Levels for May31st.Good morning, friends! 🌺🍬 Here are the directions for May 31st:
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also shows a bearish trend. Today, the market may open with a slight gap-down, as indicated by GiftNifty, which shows a decrease of 25 points.
Nifty and Banknifty moved in different paths in the last session. What about today? I think it may continue a little bit. OK, let's look at the Nifty chart first.
Even though Nifty fell, it had a solid pullback in the last half hour, so even if the market opens with a gap-down, it may try to bounce back initially because the structures suggest that. If this happens, we can expect a range market between the 38% upside resistance and the previous low. if it happens, the second half might enter a correction phase. but This is not necessary, is our first variation.
The alternate scenario suggests that if the initial market takes a solid pullback and reaches the 38% Fib level, we can try a breakout entry that may reach the 50% Fib level. If this happens, it could retrace a little bit and continue consolidating further. However, if it breaks 50% after the consolidation, we can expect a rally continuation.
#Nifty Directions and levels for May 30th.Good morning, friends! 🌺🍬 Here are the directions for May 30th:
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also shows a bearish trend. Today, the market may open with a slight gap-down, as indicated by GiftNifty, which shows a decrease of 70 points.
But, I'm not sure if this is due to global issues or contract rollover with GiftNifty. Anyway, let's look at the Nifty direction.
Nifty has fallen with some minor swings. If the market opens with a gap-down, then the 38% Fibonacci level might act as a strong support. If it finds support there, then we can expect a pullback of 23 to 38% max. It could be a minor retracement, and if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback structure has a solid candle formation, it might break the 38% Fibonacci level(upside). If it breaks, then we can expect 50 to 61% for the next target. If we want to state this more clearly, it may turn into a range between the upcoming low and the 61% Fibonacci level. This sentiment is also applicable for a neutral to gap-up situation because, as I mentioned, I don't know exactly why GiftNifty is showing a negative sentiment.
The alternative scenario is if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
#Banknifty Directions and levels for May 30th.BankNifty also has the same sentiment. If the market finds support around the immediate support level, then we can expect a minor pullback that will take a max of 23 to 38%. After that, if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback breaks the 38% Fibonacci level, it could turn into a range market between the upcoming low to the 61% Fibonacci level.
Alternatively, if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
#Banknifty directions and levels for May 29th.The current variation indicates that if the market breaks the 38% Fibonacci level, we can expect the correction to continue, potentially reaching the next Fibonacci level of 50%. If it finds support there, the 4th sub-wave may complete and start the 5th pullback wave.
Alternatively, if the market finds support around the immediate support or if the initial market takes a solid pullback, we can expect a range market to rally continuation.
#Nifty directions and levels for May 29th.Good morning, friends! 🌺🍬 Here are the directions for May 29th:
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also maintains a moderately bullish trend. Today, the market may open with a gap-down, as indicated by GiftNifty, which shows a decrease of 90 points.
Today, both Nifty and Bank Nifty have similar structures. First, let's look at Nifty.
Nifty has consolidated slightly, but the closing was negative. GiftNifty is also indicating a continuation of the correction. According to the wave structure, the correction over the past two trading days could be a "4th correctional wave," and today’s gap-down might be the final leg of the correction (subwave "C"). After the correction finds support at either 50% or 61%, we can expect a bounce back that could be the 5th wave. Since it's a distribution wave, the movement might have less volume. This is the basic structure. Now, let's look at the current variation.
The current variation indicates that if the gap-down sustains and consolidates or breaks the 50% Fibonacci level, it could fall further, potentially reaching 61%. As discussed, if the market finds support at the 61% Fibonacci level after the correction, it may bounce back. For reversal confirmation, you can use EMA20 or a minor swing Fibonacci level 38% breakout.
Note: Here is another variation based on the structure. If the correction has a solid formation, it will likely continue. We can also confirm this if the market forms inside bars or pinbar candles, indicating continued correction. Additionally, if the retracement after the correction doesn't break the 38% Fibonacci level, we can expect the correction to continue. Positions should be taken only if it breaks the previous low.
The alternate variation suggests that if the market finds support around the immediate support or if the initial market takes a solid pullback, we can expect a range market to rally continuation.
#Nifty Directions and levels for May 28th.Good morning, friends! 🌺🍬 Here are the directions for May 28th:
The global market is maintaining a bearish sentiment based on the Dow Jones, while our local market suggests a moderately bullish trend. We might see a neutral to slightly gap-down start today, as indicated by GiftNifty, which shows a decrease of 15 points.
In the previous session, Nifty had sharply rejected in the second half, closing at a neutral price. Today, GiftNifty is also indicating a neutral opening. If we take a bias based on the Dow Jones, HDFC Bank, and RIL, they are suggesting a neutral sentiment.
So, my expectation is that if Nifty opens neutral or if the initial market takes a pullback, we can expect a range market within the previous day's range. If it breaks either upside or downside after that, then we can follow that trend. In my opinion, if it forms a range, it may continue the rally.
Alternatively, if the market takes a correction initially, it could reach the Fibonacci level of 50%, which is a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%.
Note: However, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 50%, then the correction will likely continue.
#Banknifty Directions and levels for May 28th.Bank Nifty has the same sentiment. Structurally, it's a little correction followed by a long rally. So, if the market opens neutral or if the initial market takes a pullback, we can expect a range market within the previous day's range. After that, if it breaks either upside or downside, then we can follow that trend. Here also, my opinion is bullish.
An alternate variation is similar to Nifty. If the market takes a correction initially, it could reach the Fibonacci level of 38%, which is also a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%. Alternatively, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 38%, then the correction will likely continue.
Nifty Wave Count And TrendIts bullish but not for long term
prize can retrace and break avgs of minor wave 2 of 5
avgs should hold the prize for this view
