Elliott Wave
Classical example of Elliott waveClassical example of Elliott wave.
Wave 2 retraced to 61.8% forming Flat correction.
Wave 3 extended to 161.8% forming a normal or trending impulse.
Then wave 4 retraced to 23.6% in Zig-zag form. (This fulfilled the Rule of Alternation)
Wave 5 retraced exactly to its minimum target of 127% retracement. Where cluster of 200% extension was also there. Wave 5 formed in typical Ending diagonal format.
Here bigger wave 1 completed.
Now fall will come in NUVAMA forming bigger wave 2.
#Nifty directions and levels for October 1st.Good morning, friends! 🌞 Here are the market directions and levels for October 1st.
Market Overview:
The global market is maintaining a moderately bullish sentiment, but our local market is leaning bearish. Today, the market may open neutral to slightly gap-down, with SGX Nifty indicating a negative 5-point move at 8 AM.
On the previous day, both Nifty and Bank Nifty experienced a sharp decline. Structurally, we can expect further correction. However, the global market saw a solid pullback in the previous session, indicating a minor bounce-back initially. however, If the market sustains a bearish sentiment with solid red candles, the correction is likely to continue. Let's look at the charts for more details.
Nifty Current View:
This current view suggests that if the market opens with a gap-up or finds support around the immediate support level, it could pull back up to 23% to 38%. Structurally, it might not sustain beyond that, so it may undergo some consolidation between the current low and the 38% Fibonacci level in the minor swing. . Afterward, we can follow the direction—whether it breaks the previous low or the 38% Fibonacci level. This is our first variation
Alternate View:
The alternate view indicates that if the initial market declines, then 25,695 will act as a strong support level. If it consolidates or breaks that level, the correction is likely to continue, meaning we can expect a correction only if it solidly breaks 25,695. On the other hand, if it rejects solidly, we can follow the direction of the current view. This is the alternate view.
#Banknifty directions and levels for October 1st.ank Nifty Current View:
The current view is similar to the Nifty sentiment; if the market opens with a gap-up or takes support around the immediate support level, it could retrace a maximum of 23% to 38%. Structurally, it won't sustain there, so it may undergo some consolidation between the current low and the 38% Fibonacci level in the minor swing. . Afterward, we can follow the direction—whether it breaks the previous low or the 38% Fibonacci level. This is our first variation
Alternate View:
The alternate view states that if the initial market declines and sustains, we can expect a minimum correction to the levels of 52,722 to 52,629, which are major support levels. If it rejects at this level, we can expect a minor swing bounce-back of 23% to 38%. On the other hand, if it breaks or consolidates below these levels, the correction will likely continue.
HDFCLIFECurrent chart HDFCLIFE looks like the Second wave of the last (5Th) lag is completed and will be make a new high in coming days.
#Nifty directions and levels for September 30th.Good morning, friends! 🌞 Here are the market directions and levels for September 30th.
Market Overview:
The global market has a moderately bullish sentiment, and our local market reflects the same moderately bullish sentiment. Today, the market may open with a gap-down due to the SGX Nifty indicating a negative 80 points.
In the previous session, both Nifty and Bank Nifty closed negatively, and the SGX Nifty also suggests that this trend may continue. Even though the overall structure indicates a negative trend, there are no key points suggesting a substantial continuation of this trend, which is why I have categorized it as a range-bound market. However, if the gap-down solidly breaks the immediate support level, then a correction is likely to continue. Let's analyze this further through the charts.
Nifty Current View:
The current view suggests that if the market finds support around the immediate support level (26073), we can expect a range-bound market between the previous high and the upcoming low. This is our first variation. This sentiment represents a slightly bullish bias, meaning that after this consolidation, if it breaks the previous high, the rally is likely to continue.
Alternate View:
The alternate view indicates that if the gap-down sustains and breaks the immediate support level, then the correction is likely to continue down to the minimum Fibonacci level of 23%
#Banknifty directions and levels for September 30th.Bank Nifty Current View:
Bank Nifty reflects the same sentiment as Nifty. If the market finds support around the immediate support level (23%), we can expect a minimum bounce back of 38% to 61%. It looks like a range-bound market. If this occurs, the next movements will be determined by whether it breaks the previous high or the downside Fibonacci level of 23%. This is our first variation.
Alternate View:
The alternate view suggests that if the gap-down sustains and breaks the immediate support level, then the correction is likely to continue down to the minimum level of Fibonacci 53389 to the 38% Fibonacci level.
#Nifty directions and levels for the first week of October.Good evening, friends! 🌞 Here are the market directions and levels for the first week of October.
Global Outlook:
In the previous week, the global market closed near where it started, indicating that the market moved in a consolidation phase. What about this week? There are many major events, such as US Federal Reserve Chair Jerome Powell's speech, the monthly JOLTs job openings and quits, unemployment rate, non-farm payrolls, vehicle sales, and factory orders data. Therefore, this week might be a little volatile.
Our Market:
The weekly candle for Nifty closed with a green candle, while Bank Nifty closed with a shooting star, suggesting moderate momentum. This implies that even if the market takes a bullish or bearish bias, it won’t experience significant momentum. Let’s analyze this in the charts.
Nifty Current View:
If the market starts with a red candle, we can expect a 23% to 38% correction in the minor swing. Structurally, it shouldn't break the 38% Fibonacci level. In case it breaks this level, we could expect the next target to be a 50% correction on the downside.
> in this variation, if it finds support around the 38% level, it could return to where it started this week. This is our first scenario.
Alternate View:
The alternate view suggests that if the market rejects around the immediate support level and consolidates, then the rally could continue once it breaks the previous high. If this happens, we can expect the next targets to be a minimum of 26,460 to 26,568. This is our alternate scenario.
#Banknifty directions and levels for the first week of October.Bank Nifty Current View:
Bank Nifty reflects a similar sentiment to Nifty. If the market starts with a red candle, we can expect a 23% to 38% correction in the minor swing. Structurally, it shouldn't break the 38% Fibonacci level. If it does break this level, we could expect the next target to be a 50% correction on the downside.
> in this variation, if it finds support around the 38% level, it could rise to a minimum of 38% to 78% in the minor swing.
Alternate View:
The alternate view indicates that if the market rejects around the immediate support level and consolidates, then the rally could continue once it breaks the previous high. If this occurs, we can expect the next targets to be a minimum of 54,574 to 54,840. This is our alternate view.
BTCUSD: Key Levels and Projections Based on Elliott WavesBTCUSD has formed a corrective pattern on the daily timeframe, identified as a W-X-Y structure with seven distinct waves. The price found support at the 200 EMA, reaching a low of 49,57 7 before bouncing back. The sub-waves within this structure are clearly visible, with wave (1) and wave (2) completing at 62,729 and 52,546 respectively.
Currently, BTCUSD is encountering strong resistance at the upper boundary of the corrective channel, posing a significant challenge for bullish momentum. Although wave (3) has managed to rise above wave (1), it has not yet confirmed a strong bullish breakout. To establish a decisive upward move, wave (3) needs to hold above wave B and breach the upper boundary of the channel. The breakout can help the price to get 100% of the whole correction.
Failure to break out of this resistance zone could result in the corrective structure extending into an X-Z formation, leading to a prolonged consolidation phase. This would suggest more time is needed for the pattern to play out, causing frustration for traders looking for a clear bullish trend.
We will provide further updates to our followers soon.
- Trade technique by KP
NIFTY... 26000 TARGET IN 2024!Guys... I am sharing my analysis of Nifty over a longer time frame.
The Elliot waves are marked on the chart. Nifty is currently in the wave 3 of the primary cycle.
This primary cycle runs in smaller intermediate waves.
Wave 1 started on April 2023;
Wave 3 from November 2023;
Expecting wave 4 to end by April 2024, and we can expect wave 5 to begin from May 2024.
So, as per this analysis, we can see a red candle in April month - the wave 4 correction, which is likely to end around 21400 - 21500 levels.
Wave 5, which is likely to begin in May, is likely to last till December 2024, taking nifty to 26000 levels (approximately 26400).
In this, wave 3 is 1.23 times wave 1, and wave 5 is 1.618 times wave 1.
Hopefully we get to witness a 20 - 25% rally in Nifty this year :)
This is only my analysis & remember the market is always RIGHT!
Technical Analysis of LME INDEX Based on Elliott WavesTechnical Analysis of LME INDEX Based on Elliott Waves
The information provided in this response is based on the analysis of the Elliott Wave chart and does not constitute financial advice. The author is not responsible for any investment gains or losses incurred by individuals who rely on this information.
Elliott Wave Theory is a technical analysis method that identifies recurring patterns in financial markets. These patterns, known as Elliott Waves, are based on the idea that human psychology and behavior drive market movements.
Key Elliott Wave Principles:
Five-Wave Impulse: A five-wave pattern that represents an uptrend or downtrend.
Three-Wave Correction: A three-wave pattern that represents a pause or reversal in the trend.
Fibonacci Relationships: Numerical relationships between different waves, often expressed as ratios (e.g., 0.618, 1.618).
Analysis of the LME INDEX Chart:
Based on the provided Elliott Wave chart, it appears that the LME INDEX is currently in the early stages of an impulse wave structure. This suggests a strong uptrend is underway.
Specific Observations:
Wave 1: The initial upwave has likely been completed.
Wave 2: A corrective pullback also looking done.
Wave 3: The next wave is expected to be a powerful extension of the uptrend.
Impact on Commodities and Indian Metal Stocks:
The LME INDEX is a crucial benchmark for the metals market. Its price movements can significantly impact the prices of individual metals and related commodities. Indian metal stocks, such as Vedanta, NALCO, and Hindustan Zinc, are directly influenced by the LME INDEX.
Educational Purpose:
It's important to emphasize that this analysis is for educational purposes only and should not be considered as trading advice. The financial markets are volatile, and past performance does not guarantee future results. Investors should conduct their own research and consult with financial advisors before making any investment decisions.
I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
#Nifty directions and levels for September 27th.Good morning, friends! 🌞 Here are the market directions and levels for September 27th.
Market Overview:
There have been no significant changes in the global and local markets; both maintain a bullish bias. Today, the market is expected to open neutral to slightly negative, with SGX Nifty indicating a negative of around -20 points as of 8 AM.
In the previous session, the market had a minor movement in the second half. Structurally, it still maintains a bullish bias. So even if the market starts negatively today, the bullish momentum might continue. However, if the initial market declines sharply, we should follow that; let’s look at this in the charts.
Nifty and Bank Nifty both share the same sentiment.
Nifty Current View:
The current view indicates that if the market opens with a gap-up or if the initial market takes support around the Fibonacci level of 38%, then the rally will continue if it breaks the previous high. Until then, it could consolidate between the previous high and the Fibonacci level of 38%. This is our first scenario.
Alternate View:
The alternate view suggests that if the initial market breaks the Fibonacci level of 38% solidly, then the trend will turn into a minor correction phase. If this happens, we can expect correctional targets between 50% and 78% in the minor swing.
#Banknifty directions and levels for September 27th.Bank Nifty Current View:
Bank Nifty is also following the Nifty sentiment. If the market opens with a gap-up or if the initial market sees a solid pullback, it could reach 54,655. However, some rejection could also occur. This is our first scenario.
Alternate View:
If the initial market breaks or consolidates around the 50% Fibonacci level, we can expect a correction down to the 78% level or the swing low. On the other hand, if it doesn't break, the market will likely turn into a range between the previous high and the 50% Fibonacci level.
NIFTY 50 DAILY UPDATE - PROJECTING WAVE 5Hello, Just zoom out daily chart you can clearly see wave 3 is extended.
Elliot wave -
The Guideline of Equality says that two of the motive sub-waves in a five wave sequence will tend toward equality, which is generally true of the non-extended waves.
This means that, when Wave 3 of an impulse wave is the extended wave, Wave 5 will approximately equal Wave 1 in price. This is useful for potentially projecting the end of Wave 5 in an impulse if you recognize Wave 3 as an extended wave.
According to this guideline Nifty 50 wave 5 Target is - 26203.
#Nifty directions and levels for September 26th.Good morning, friends! 🌞 Here are the market directions and levels for September 26th.
Market Overview:
There have been no significant changes in the global and local markets; both maintain a bullish bias. Today, the market is expected to open neutral to slightly positive, with SGX Nifty indicating a rise of around +60 points as of 8 AM.
In the previous session, both Nifty and Bank Nifty continued consolidating. However, it seems a breakout may occur this session, as GIFT Nifty is suggesting a gap-up opening. If this gap-up sustains, we can expect the rally to continue. We had previously discussed that this could be a sub-wave 5th. So, if the breakout has a solid structure, the trend is likely to continue. Conversely, if the movement is gradual, the rise may be limited. We'll explain this further in the charts.
Both Nifty and Bank Nifty reflect the same sentiment.
Nifty Current View:
The current view suggests that if the first move consolidates around the supply zone (MSZ), Nifty could reach a maximum of 26,146. Conversely, if the first move breaks the supply zone with solid momentum, the rally may continue, with some consolidation around 26,220. This is our first scenario.
Alternate View:
The alternate view suggests that if the market declines or faces rejection near the supply zone, the range may hold. However, the precise move is if the rejection breaks the 38% Fibonacci level of the minor swing, it could extend to a minimum of 78%, reaching 25,833.
#Banknifty directions and levels for September 26th.Bank Nifty Current View:
Bank Nifty mirrors Nifty's sentiment. If the first move consolidates around the supply zone (MSZ), it could reach a maximum of 54,498. Conversely If it breaks the supply zone with strength, the rally may continue with some consolidation around 54,655. This is our first scenario.
Alternate View:
The alternate view for Bank Nifty suggests that if the market declines or faces rejection near the supply zone, the range may persist. However, the precise move is if the rejection breaks the 38% Fibonacci level in the minor swing, it could extend to a minimum of 78%, reaching 53,699.
$NESN Nestle might be near reversal after correctionIn the chart, two Elliott waves are shown - one impulse followed by an ABC.
The C wave is right at the 1.618 Fib extension so this could be a price at which it finds support and starts to reverse up to begin a new impulse wave.
#Nifty directions and levels for September 25th.Good morning, friends! 🌞 Here are the market directions and levels for September 25th.
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 neutrally to slightly negatively, with SGX Nifty suggesting a negative move of around -20 points as of 8 AM.
Both Nifty and Bank Nifty consolidated yesterday, and structurally, this could continue today as well. However, if the market sustains the gap-down and solidly breaks the 38% Fibonacci level, the correction is likely to continue. On the other hand, if it does not break that level, the range will likely persist. I believe there is no need to explain it further, as we have seen the same sentiment over the past two days. However, if you need more clarification, please take a glance at the information below.
Nifty Current View:
If the market declines, it could experience a correction of 23% to 38% on the downside. After that, if it finds support in that range, it will likely return to where it closed yesterday. Conversely, if it solidly breaks the 38% level, the correction may continue with a minimum decline of 50% to 78% in the minor swing. This is our first variation.
Alternate Variation:
An alternate view suggests a range-bound market. If the market initially takes a solid pullback, the diagonal trend is likely to continue.
#Banknifty directions and levels for September 25th.Bank Nifty:
The sentiment for Bank Nifty appears similar to that of Nifty. If the market declines, it could see a correction of 23% to 38% on the downside. After finding support in that range, it could consolidate between the previous high and the 38% Fibonacci level. On the other hand, if it solidly breaks the 38% level, the correction may continue with a minimum decline of 50% to 78% in the minor swing.
Vertoz correction wave completedVertoz Ltd extended Correction wave completed. RSI trendline is about to give breakout in weekly timeframe. Exited channel but High volume in current week. Weekly RSI above 55. Debtor days reduced and company expected to give good quarter. Stock is overvalued and definitely not for long term. Look at promoter holdings from last year. Wild swings in holdings. 56-48-37-and in last 2Q it's 64%.
#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.
