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Elliott Wave

#Banknifty directions and levels for September 24th.Current View: Structurally, a diagonal pattern is progressing. If the market rejects around the immediate resistance, or if the market initially declines, we can expect a minimum correction of 23% to 38%. If it breaks below 38%, the trend could shift into a correction phase. Conversely, if it does not break 38%, the diagonal pattern could extend further. This is our first variation. Alternate Variation: The alternate variation suggests that if the market consolidates around the immediate resistance, it will be a sign of bullish continuation. We can expect to see the next resistance level if it breaks through the current resistance.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for September 24th.Good morning, friends! 🌞 Here are the market directions and levels for September 24th. Market Overview: There have been no significant changes in the global and local markets; both have maintained a bullish bias. Today, the market is expected to open with a neutral to slightly positive gap, with SGX Nifty suggesting a positive move of around +40 points as of 8 AM. In the previous session, both Nifty and Bank Nifty closed positively, but there was no significant movement. Today, we expect to continue this trend, as there are no major trigger points for the next movement. However, we can check the charts for further insights. Sentiments are similar for Nifty and Bank Nifty charts, and we will follow the sentiment shared in the previous session. Current View: Structurally, a diagonal pattern is progressing. If the market rejects around the immediate resistance, or if the market initially declines, we can expect a minimum correction of 23% to 38%. If it breaks below 38%, the trend could shift into a correction phase. Conversely, if it does not break 38%, the diagonal pattern could extend further. This is our first variation. Alternate Variation: The alternate variation suggests that if the market consolidates around the immediate resistance, it will be a sign of bullish continuation. We can expect to see the next resistance level if it breaks through the current resistance.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for September 23rd.Good morning, friends! 🌞 Here are the market directions and levels for September 23rd. Market Overview: Global markets are showing a bullish trend, as indicated by the Dow Jones, while our local market also has a bullish outlook. Today, the market is expected to open with a gap up, with SGX Nifty suggesting a positive move of around +110 points as of 8 AM. Nifty and Bank Nifty reflect the same sentiment. In the previous session, both closed with solid green candles, and Gift Nifty is indicating a positive start of 100 points, so a continuation of the rally could be expected today. However, the structure is indicating a diagonal formation, so if it faces rejection around the immediate resistance, it may lead to a correction. Let's take a look at the charts. Nifty: Current View: The current outlook suggests that if the market sustains the gap-up structurally, we can expect a continuation of the rally with some consolidation. > However, it's uncertain where this consolidation will occur—either around the supply zone or at 25,978. > Notably, there are three waves bending. If the first pullback rejects around the supply zone, then the second wave could consolidate there. Once it breaks, the third pullback could reach between 25,978 and 26,034. > Conversely, if it breaks the supply zone solidly, the first rejection may occur at 25,978 or 26,034. Alternate View: The alternate view indicates that if the market experiences a sharp rejection around the immediate resistance, it could see a minimum of 23% to 38% during the minor swing. If it breaks below 38%, then the correction may continue to 50% to 78%.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for September 23rd.Bank Nifty: Bank Nifty shares the same sentiment as Nifty. If the market sustains the gap-up structurally, we can expect a continuation of the rally with some consolidation. We can also observe a three-wave structure here. Alternate View: The alternate view for Bank Nifty suggests that if the market encounters a sharp rejection around the immediate resistance, there could be a minimum of 23% to 38% during the minor swing. If it breaks below 38%, then the correction will likely continue to 50% to 78%.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty Directions and Levels for the Last Week of SeptemberCurrent View: The sentiment is similar to Nifty, but structurally, we shouldn’t expect more than a 38% correction in the minor swing. If the market rejects near the immediate resistance, we could complete the 3rd sub-wave at that point, and the rejection would indicate the start of the 4th wave. Typically, the 4th wave doesn’t involve a deep correction, so we can expect a maximum correction of 23% to 38% in the minor swing. Alternate View: The alternate view suggests that if the market consolidates or breaks the immediate resistance, the 3rd wave could extend to levels of 54,840 to 55,141.
NSE:BANKNIFTY
by Manickamtraders
#Nifty Directions and Levels for the Last Week of SeptemberNifty and Bank Nifty Directions and Levels for the Last Week of September Global Market Overview: In the previous week, the global market continued to rally solidly. Structurally, it indicates a bullish bias. This week, we can expect some continuation of the rally along with potential consolidation. In the meantime, there are some important events that we should pay attention to. Our Market: Our market also continued the solid rally. Structurally, it indicates a bullish bias; however, the structures differ between Nifty and Bank Nifty. If we look at the price action, both are exhibiting a strong bullish trend. However, when comparing the wave counts, Nifty is progressing through its 5th sub-wave, while Bank Nifty is currently in its 3rd sub-wave. How can we interpret this sentiment? Typically, this kind of sentiment leads to consolidation. For example, once Nifty finishes its 5th wave, it could experience a sharp correction. At that time, Bank Nifty might undergo a 4th wave, which is a consolidation wave, so we wouldn't expect much correction in that scenario. Once Bank Nifty completes its 4th wave, the 5th wave could resume a bullish bias, during this time, Nifty likely wouldn't continue its correction. On the other hand, if Bank Nifty dominates the market (meaning the 3rd wave extends further), we cannot expect a correction in Nifty. It may seem a bit complicated, but in simple terms, we can anticipate consolidation where the market could either face rejection or experience a significant breakout. #Nifty Current View: If the market breaks the previous high, we can expect the next target to be 26,034. This is a crucial level. If the market faces rejection there, we can expect a correction between 61% to 78% of the minor swing. However, confirmation of a correction will only be valid if the market breaks the 38% Fibonacci level. Until then, the market remains bullish. Alternate View: The alternate view suggests that if the market does not face rejection or consolidates instead, the rally is likely to continue to the level of 26,273.
NSE:NIFTY
by Manickamtraders
2
#Nifty directions and levels for September 20th.Good morning, friends! 🌞 Here are the market directions and levels for September 20th. Market Overview: Global markets are showing a bullish trend, as indicated by the Dow Jones, while our local market has a moderately bullish outlook. Today, the market is expected to open neutral to slightly gap-up, with SGX Nifty suggesting a positive move of around +30 points as of 8 AM. In the previous session, both Nifty and Banknifty experienced a solid breakout, but it didn’t sustain. Structurally, this indicates a diagonal pattern, meaning the trend is bullish, but momentum may be limited. This is one variation. On the other hand, if the market declines, it could turn into a correction. Let's look at the charts for more insight. Nifty: Current view: The current view suggests that if the market declines after some initial pullback, we can expect a correctional target at the 38% Fibonacci level on the downside. Structurally, it may not sustain there. However, if a solid pullback occurs, the market could form a range-bound structure between the previous high and the current low. This is our first variation. Alternate view: Alternatively, if the gap-up sustains, we could expect the market to reach the level of 25,561. If it consolidates or breaks this level, we might see a further move up to 25,643. On the other hand, if there is a sharp rejection at this level, it may retest the previous bottom.
NSE:NIFTY
by Manickamtraders
1
#Banknifty directions and levels for September 20th.Banknifty: Current view: The current view is similar to Nifty. If the market declines after an initial pullback, we can expect a correctional target at the 50% Fibonacci level on the downside. Structurally, it might not sustain there. However, a proper trend reversal (for a correction) will occur only if it breaks the 50% level. This is our first variation. Alternate view: The alternate view suggests that if the gap-up sustains, Banknifty could reach the supply zone on the upside (53,419 to 53,491). This is a crucial level in the current structure. Once the market reaches this zone, there is a high probability of rejection, which means we could expect a 61% to 78% correction in the minor swing. Structurally, this indicates a diagonal pattern. However, a rally could be expected only if the supply zone is broken effectively.
NSE:BANKNIFTY
by Manickamtraders
2
#Banknifty directions and levels for September 19th.Bank Nifty: Current View: Here, too, we expect a correctional target at the 38% level on the downside. After that, if the market breaks or consolidates around the 38% mark, the correction is likely to continue. > A notable point here is the pullback around the 38% level. If the market finds support and bounces back, structurally, it won't move significantly higher. We can also expect the continuation of the correction if it breaks the previous low. Alternate View: The alternate view for Bank Nifty is similar to that of Nifty. If the gap-up sustains, we might see some consolidation between the previous high and the previous day's closing. If it breaks the previous high afterward, the rally will likely continue; however, we should wait for the breakout to confirm directional momentum.
NSE:BANKNIFTY
by Manickamtraders
4
#Nifty directions and levels for September 19th.Good morning, friends! 🌞 Here are the market directions and levels for September 19th. Market Overview: Both global markets and our local markets are still showing a moderately bullish trend. Moreover, today the market is expected to open slightly neutral to gap-up, with SGX Nifty indicating a positive move of around +70 points as of 8 AM. In the previous session, we observed differing performances between the Nifty and Bank Nifty. The Bank Nifty had a solid rally, while the Nifty underperformed and closed in the negative. Typically, we might interpret this as a continuation of the negative bias; however, today the SGX Nifty is indicating a decent positive start. Therefore, if the market sustains the gap-up and breaks the previous high, we can follow that direction. However, I am starting with a negative bias because theory suggests that. Let's look at the charts. Nifty: Current View: The current view suggests that if the initial market declines, we can expect a minimum correction level of 38% on the downside. After that, if the market breaks or consolidates around the 38% mark, the correction is likely to continue. On the other hand, if there is a solid pullback, we can anticipate a minimum target of 61% to 78%. Simply put, if the bounce-back breaks the 38% level in the minor swing, we can anticipate reaching the 61% to 78% levels next. Alternate View: The alternate view suggests that if the gap-up sustains, there may be some consolidation between the previous high and the previous day's closing price. If it breaks the previous high, the rally is likely to continue. However, we should wait for the breakout for directional movement.
NSE:NIFTY
by Manickamtraders
2
#Nifty directions and levels for September 17th.Good morning, friends! 🌞 Here are the market directions and levels for September 17th. Market Overview: Global markets continue to show a moderately bullish trend, as indicated by the Dow Jones, and this sentiment is reflected in our local market as well. Today, the market is expected to open with a gap-up, with SGX Nifty suggesting a positive move of around +30 points as of 8 AM. Current view: There haven't been any significant changes in the previous sentiment, so I'll explain it simply. Nifty is showing a moderately bullish structure, which means consolidation. If the market rejects around the immediate resistance, it may continue this sentiment. A solid rally is expected only if the immediate resistance is broken convincingly. Alternate view: Alternatively, if the market starts negatively, the demand zone will act as strong support. If the market finds support there, it could form a range between the previous high and the downside demand zone. A deeper correction is expected only if the demand zone is broken convincingly.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for September 17th.Current view: There haven't been any significant changes in the previous sentiment, so I'll explain it simply. Bank Nifty is showing a moderately bullish structure, which means consolidation. If the market rejects around the immediate resistance, it may continue this sentiment. A solid rally is expected only if the immediate resistance is broken convincingly. Alternate view: the situation is similar to Nifty. Even if the market declines initially, it could maintain a bullish bias until it breaks the previous minor swing low(Blue color box). If this level is broken solidly, we can expect a correction of 38% to 50% from the minor swing.
NSE:BANKNIFTY
by Manickamtraders
2
#Nifty directions and levels for September 16th.Good morning, friends! 🌞 Here are the market directions and levels for September 16th. Market Overview: Global markets are showing a moderately bullish trend, as indicated by the Dow Jones, and this sentiment is reflected in our local market as well. Moreover, today’s market is expected to open with a gap-up, with SGX Nifty indicating a positive move of around +50 points as of 8 AM. Nifty: Current View: There haven't been any major changes to the market sentiment since the previous session, as Nifty closed with consolidation. Structurally, this suggests we could be in the 4th wave. Now, if the market opens with a gap-up and sustains it, we can expect a 5th impulse wave. The targets for this wave are likely between 25,452 and 25,587. > It’s important to note that the 5th wave is typically a distribution wave. So, if the market breaks the immediate resistance with a strong candle or after some minor consolidation, the rally could extend further, potentially reaching 25,587. On the other hand, if the market reaches the resistance gradually, it may not gain as much momentum, and the maximum level to expect would be 25,492. Alternate View: If the gap-up doesn’t hold or the market declines initially, we may see a correction of around 23% to 38%. Following this, if the market finds support near the 38% Fibonacci level, it could consolidate between this level and the previous high. However, if the market breaks below the 38% level, the next target would be at the 50% Fibonacci level. Still, further correction will only continue if the market decisively breaks below the 50% Fibonacci level.
NSE:NIFTY
by Manickamtraders
4
#Banknifty directions and levels for September 16th.Bank Nifty: Current View: In the previous session, Bank Nifty formed a diagonal pattern, which often signals the final wave of the trend when it forms at the top. However, lower time frames can sometimes break these rules. so If the market breaks the supply zone solidly or with some consolidation, we can expect the rally to continue, with targets ranging from 52,250 to 52,320. Alternate View: Alternatively, if the market faces rejection around the supply zone or declines initially, a correction of around 23% to 38% is possible. Afterward, if the market finds support near the 38% Fibonacci level, it will likely consolidate between this level and the previous high. If the market falls below the 38% level, the next target would be at the 50% Fibonacci level. However, the correction will deepen only if the 50% Fibonacci level is broken convincingly.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty Directions and Levels for the 3rd Week of September.Bank Nifty: Current View: Bank Nifty is following a similar trend. If the week starts on a positive note, the market may face resistance around the 52126 or 52249 levels. If this happens, we can expect a 23% to 38% correction in the minor swing. After that, if support is found around the 38% level, the rally is likely to continue, with potential targets of 52527 and the supply zone. This is our first scenario. Alternate View: In the alternate scenario, if the market starts negatively or faces rejection around the immediate resistance, we can expect a 38% correction. (It’s important to note that the retracement points differ from the current view.) after that If the market breaks this level decisively, we can expect the correction to extend to at least 78% to the swing low. However, if it doesn't break the 38% level, the bullish bias could be maintained.
NSE:BANKNIFTY
by Manickamtraders
#Nifty Directions and Levels for the 3rd Week of September.Global Market Overview: In the previous week, the global market experienced a solid pullback; however, the structure still indicates a range-bound market. What about this week? Structurally, if the market breaks the previous high, we can expect a continuation of the rally. On the other hand, if the market faces rejection around the previous high, the range is likely to continue. However, there are many important events this week, such as Retail Sales, Industrial Production, Building Permits, the Fed Interest Rate Decision, FOMC Economic Projections, and the Fed Press Conference. So, this week might be crucial, and we could expect heightened volatility. Our Market: In the previous week, our market mirrored the global sentiment. Both Nifty and Bank Nifty experienced strong pullbacks, and structurally, this could continue into this week. However, we might see some consolidation in the middle of the week. Let’s break it down further by looking at the charts. While Nifty and Bank Nifty have similar structures, their wave counts differ. Nifty: Current View: If this week begins positively, we could see resistance around the 25492 to 25587 levels. If the market gets rejected here, we can expect a minor retracement of 23% to 38% in the swing. After that, if the market finds support there(around 38%), the rally could continue, with potential targets of 25692 to 25853. This is our primary scenario. Alternate View: In the alternate scenario, if the market starts negatively or faces rejection around the immediate resistance, we can expect a 38% correction. (It’s important to note that the retracement points differ from the current view.) after that If the market breaks this level decisively, we can expect the correction to extend to at least 78% to the swing low. However, if it doesn't break the 38% level, the bullish bias could be maintained.
NSE:NIFTY
by Manickamtraders
2
#Nifty directions and levels for September 13th.Good morning, friends! 🌞 Here are the market directions and levels for September 13th. Market Overview: Global markets are showing a moderately bullish trend, as indicated by the Dow Jones, and our local market has a bullish sentiment. However, today, the market may open with a gap-up, as SGX Nifty is indicating a positive move of around +40 points at 8 AM. In the previous session, Nifty and Bank Nifty showed a solid rally. Structurally, it is indicating a bullish bias. However, if we look at the sub-wave structure, there is a progressing fourth wave. The previous solid rally could indicate a third wave, followed by a rejection that reached the 23% Fibonacci correction, so we should consider that a fourth wave. In this sentiment, we can expect consolidation until breaking the immediate resistance. Let’s take a look at this on the chart. Today, Nifty and Bank Nifty have the same sentiment. Current View: If the market opens with a gap-up, it may face rejection around the previous high. If this happens, it may enter some consolidation between the previous high and the 38% Fibonacci level to the downside. This is our first variation. Alternate View: The alternate view suggests that if the gap-up doesn’t sustain, it may find support around the 38% Fibonacci level. If this occurs, it typically consolidates between the 38% and the previous high. In this case, if it breaks below the 38%, we can expect the next target at the 50% level; however, the correction will continue only if it breaks the 50% Fibonacci level solidly.
NSE:NIFTY
by Manickamtraders
1
#Banknifty directions and levels for September 13th.Current View: If the market opens with a gap-up, it may face rejection around the previous high. If this happens, it may enter some consolidation between the previous high and the 38% Fibonacci level to the downside. This is our first variation. Alternate View: The alternate view suggests that if the gap-up doesn’t sustain, it may find support around the 38% Fibonacci level. If this occurs, it typically consolidates between the 38% and the previous high. In this case, if it breaks below the 38%, we can expect the next target at the 50% level; however, the correction will continue only if it breaks the 50% Fibonacci level solidly.
NSE:BANKNIFTY
by Manickamtraders
DXYDXY cmp 101.759 this is a monthly chart of DXY, looking at the chart , this is the wave counts comes to me.. DXY have completed its 5 waves, wave A and most probably wave B and is ready to move towards the down targets as marked with green line... those are targets 1 and 2 ... if this wave B is not over... it can move up towards upward target marked by red line ..(that is if at all wave B is not completed), and after completing wave B , it would go and touch downward levels.. ONLY and ONLY after that I believe.. we would resume up trend ... Just a View! Vedng!! Disclaimer: Chart is for study purpose only!!!
TVC:DXY
by VedangsStudy