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Elliott Wave

#Banknifty direction and levels for May 13th.>Banknifty also has the same consolidation structure, but wave counts are a little bit different from Nifty. So, if the initial market takes support around the immediate support level, then we can expect a minimum of a 23% pullback wave. If you want reversal confirmation, then you can use EMA 20 or a minor fib level 38% breakout. Alternatively, if the gap-down takes a solid bearish candle, then it may continue further with minor consolidation. Even though if it reaches the demand zone, we can expect consolidation only."
NSE:BANKNIFTY
by Manickamtraders
#Nifty direction and levels for May 13th.Good morning, friends! 🌺🍬 Here are the directions for May 13th: The global market still maintains a moderately bullish sentiment (based on the Dow Jones), while our local market sentiment indicates a bearish trend. It might open with a neutral to slightly gap-down start, as suggested by GiftNifty, showing a decrease of -20. >Nifty had consolidated after the sharp correction. GiftNifty indicates a slightly gap-down start, so it may open negatively. After that, if it takes a pullback initially, it might reach 50 to 61% in the upside fib levels. Because, as per the wave structure, a pullback has a three-wave structure, but there are only two waves formed. So, we can expect an initial pullback. However, if it finishes the three-wave structure, the major trend (correction) will continue. That means, after that pullback, if it rejects around the 50 or 61% fib level, then it may turn into a correction phase. Note- Alternatively, if it breaks or sustains around the fib level 61%, then the pullback will continue further. Alternate variation - if the gap-down sustains, we can expect correction continuation that will reach a minimum of the demand zone to the swing low (21777). Structurally, it could be in sub-wave 5th, so the correction may take less volume.
NSE:NIFTY
by Manickamtraders
Auropharma - Can You Catch Wave Top ,Recognise This Pattern ? Elliott Wave is a such an amazing scientific method, if you apply them & be humble & open to what market tells you, you are going to be rewarded like catching all the waves. 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? From WaveTalks Abhishek
NSE:AUROPHARMA
by WaveTalks
6
#Banknifty Directions and Levels for May 10th.Bank Nifty has the same sentiment. Even though if it opens with a gap-up, it won't sustain. So, if the market declines initially, then we can expect correction continuation with minor pullbacks, which may reach a minimum of 47129 to the demand zone. The alternate variation is the same as with Nifty. If the gap-up sustains, it may reject around 23%. After that, if it breaks, it may reach a minimum of Fibonacci level 38 to 50%. However, if it rejects there(23%), then it may lead to a range market to correction."
NSE:BANKNIFTY
by Manickamtraders
6
#Nifty Directions and Levels for May 10th.Good morning, friends! 🌺🍬 Here are the directions for May 10th: The global market maintains a moderately bullish sentiment (based on the Dow Jones), while our local market sentiment indicates a bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +40. Nifty fell drastically yesterday too. The structure suggests the correction could continue further, but GiftNifty indicates a gap-up start. So, how can we interpret this? Simply put, the first variation is that even though the market opens with a gap-up, it won't be sustained. If it happens, then we can expect a minimum of 21882 (DZ). After that, if it takes a sharp pullback, we can expect a minimum of 38% pullback wave. On the other hand, if it doesn't find support there or consolidates, then the correction may continue further. The alternate variation suggests that if the gap-up sustains initially, we could wait for the Fibonacci level 38% breakout. If it breaks, then it may reach the Fibonacci level 61% with minor consolidation. However, if it rejects there(38%), then it may lead to a range market to correction, as the trading market mostly respects the Fibonacci level 38%.
NSE:NIFTY
by Manickamtraders
2
#Nifty directions and levels for May 9th.Good morning, friends🌺🍬! Here are the directions for May 9th: Still, the global market maintains a moderately bullish sentiment, while our local market sentiment indicates a moderately bearish trend. It might open with a neutral to slightly gap-down start, as suggested by GiftNifty, showing a decrease of -15. Nifty had a solid pullback after the minor correction in the previous session, but it didn't sustain. This structure suggests that even if the market opens with a gap down, if it takes a pullback initially, then we can expect a 50 to 61% Fibonacci level pullback with minor consolidation. This is also applicable in a gap-up situation. Alternatively, if the gap-down breaks the previous bottom, then the correction will likely continue with minor consolidation. Note: one more thing, there is a 38% Fibonacci level support. Structurally, the market may consolidate over there, but it won't sustain. But, if the first stock experiences a sharp rejection, it may turn into a bullish sentiment.
NSE:NIFTY
by Manickamtraders
4
#Banknifty directions and levels for May 9th.BankNifty is structurally a little different from Nifty. If the market takes a pullback initially, we can expect a minimum of 38% on the upside. After that, if it rejects there (around 38%), it may undergo consolidation between the previous low to 38% for correction. on the other hand, if the pullback breaks the Fibonacci level 38% (upside), then it may continue further. The alternate variation is a little different. If the market opens with a gap-down and breaks the previous bottom, then the level of 47,786 will act as a minor support level. If the market finds support there, then the range between 47,786 to 38% (upside) will continue. However, if the gap-down breaks it solidly, then the correction will likely continue, and it may reach a minimum of 47,669 to 47,564
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for May 8th.Banknifty also has a similar sentiment. If the initial market decline occurs, then we can expect a correction to a minimum of 48128 or 47992 levels. After that, if it finds support there, then we can expect a pullback that may retrace a minimum of 38 to 50%. However, if it doesn't find support or consolidates there, then the correction will likely continue, and we can fix our next target Fibonacci level 38% (47856). The alternate variation is similar to Nifty: if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for May 8th."Good morning, friends🤝🍬! Here are the directions for May 8th: There have been no changes in the global market; it's maintaining a moderate bullish sentiment, while our local market sentiment indicates a bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +20. Nifty fell solidly in the previous session; however, the RSI shows divergence, indicating that even if the market declines initially today, it won't be sustained. If it rejects around the immediate support level, then we can expect a sharp pullback. This is the reason behind the first variation. However, if it doesn't find support at the immediate support level or if it consolidates, then the correction will likely continue, and we can try a range breakout entry. The alternate variation suggests that if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction. Here, we also have another variation: if the pullback solidly breaks the Fibonacci level 38% (upside), then it may reach the Fibonacci level 61% with minor consolidation. I explained this in the video; if you have free time, please check it.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for May 7th.Both Nifty and Bank Nifty have the same consolidation structure. If the market initially takes a pullback, then we can expect a minimum of 61% pullback. After that, if it rejects sharply, then it might correct again, meaning it may return to its morning opening level. However, if it sustains around 61%, then the rally will likely continue with minor consolidation. Alternatively, if the market declines initially or if the market opens with a gap-down, then we can expect a minor correction only because there is going to be a range market, so we can anticipate only a minor correction. However, if it forms a solid correctional formation (solid red candle), you can try a range breakout entry.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for May 7th."Good morning, friends! Here are the directions for May 7th: The global market has moderate bullish sentiment, while our local market sentiment also indicates a moderately bearish trend. It might open with a neutral to slightly gap-up start, as suggested by GiftNifty, showing an increase of +12. Both Nifty and Bank Nifty have the same consolidation structure. If the market initially takes a pullback, then we can expect a minimum of 61% pullback. After that, if it rejects sharply, then it might correct again, meaning it may return to its morning opening level. However, if it sustains around 61%, then the rally will likely continue with minor consolidation. Alternatively, if the market declines initially or if the market opens with a gap-down, then we can expect a minor correction only because there is going to be a range market, so we can anticipate only a minor correction. However, if it forms a solid correctional formation (solid red candle), you can try a range breakout entry."
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels of May 6th."Good morning, friends! Here are the directions for May 6th: There have been no changes in the global market; it's maintaining its range, while our local market sentiment also indicates a moderately bearish trend. It might open with a gap-up start, as suggested by GiftNifty, showing an increase of +100. Nifty fell drastically in the previous session, so the correction might continue when it breaks the previous day's low. However, GiftNifty is indicating a gap-up start. So, how can we interpret this sentiment? First, let's look at the structure, which indicates a range market. Often, this kind of fall happens in the range market but doesn't continue. If this fall had occurred in the trading market, we would surely expect a reversal, but it's not a trending market. So, simply put, my expectation is if the gap-up sustains, then the range will likely continue. The first variation suggests (current view) ('B' leg of zigzag variation (three-wave pattern)): if the gap-up sustains, then we can expect minor rejection at the level of 50%. If it happens, we can assume it's an 'A' and 'B' leg.after that if it break the fib level 50% it could continue the pullback, which should be in the 'C' leg, reaching 61 to 78%. Note: One more thing, if the initial market breaks the fib level of 50%, then the 'A' leg might go to 61%, so that's why I mentioned 50 or 61% where it will reject. if it happens then You can complete the 'A' leg there and expect 'B' minor retracement and 'C' pullback. The alternate variation suggests that even if the initial market rejects sharply, we can expect minor consolidation between the opening range to the previous bottom. After that, if it breaks the range either upside or downside, we can follow the direction.
NSE:NIFTY
by Manickamtraders
Comex Copper = Explosive Nifty to Unfold in 2024 ?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? ----------------------------------------------------------------------------------------------- Copper Outlook --------------------------- 1. Setting the Stage for Explosive Moves: - Copper is recognized as a barometer of economic growth, and its performance can provide insights into broader market movements. - In January 2023, I predicted copper would see explosive growth in 2023-2024. This was confirmed in November 2023 when the corrective wave 2 completed in a truncated wedge pattern, providing a strong foundation for significant gains. Comex Copper in Nov 2023 ( Explosive Wave to Unfold Next?) --------------------------------------------------------------------------- 2. Rising Demand: - Copper cathode demand reached 598,000 tonnes (81.2% of the previous year's total) by November 2023. - Imports of copper cathode, scrap, and wire rods soared by 174%, 56%, and 13% year-on-year, respectively. - This robust demand hints at double-digit growth in FY24. The Indian government's focus on infrastructure, clean energy, and consumer spending is expected to sustain this growth. 3. Production Challenges and Future Solutions: - India's smelting capacity was halved due to facility closures, turning the nation from a net exporter to a significant importer. - The upcoming Adani smelter (5 lakh tonnes capacity) and potential reopening of the Sterlite smelter in 2024 could help India reclaim its status as a net copper exporter. Nifty / BankNifty Outlook ------------------------------------- 1. Explosive Moves Expected: - The Nifty index started forming a well know rising pattern around the 18,800-19,000 zone in October to November 2023, suggesting a significant move ahead. This famous pattern was rising wedge. - This pattern was debated on WaveTalks as either an ending or leading diagonal, offering different implications for future market moves. 2. Elliott Wave Analysis Insights: - Applying Elliott Wave Analysis gave clarity to potential market paths, allowing for strategic decisions at tops and bottoms. - As patterns unfolded as expected for Copper, the market outlook became increasingly clear for equities as Copper is a barometer of economic growth. 3. Conclusion: - The Indian equity markets, particularly Nifty and BankNifty, appear set for more explosive moves. - Time will reveal how far the markets can go, but the whispers of the market suggest significant growth ahead. Signing off from WaveTalks: Market Whispers! Can you hear them? From WaveTalks Abhishek
COMEX:HG1!Long
by WaveTalks
18