BankNifty is reversing after giving an ABC correction... It could very well turn out to be a Wave W of larger correction but for now BankNifty is reversing and is giving a Buy Setup for a Target of around 18750 and 19100 with Stoploss just below the recent low around 17575.
Area marked in rectangle is a elongated flat formation,
I missed to identify this. Normally elongated flats are part of larger triangles.
C of flat has already retraced 1.38 times of B and can retrace beyond 1.68 times on few occasions.
Right now I would like to wait and watch for next move
Monthly Chart
Since Late 2008 -Maruti from its low@433 had travelled almost in an explosive manner upside, giving us wave-3 which travelled 361.8% of Wave-1.
Recent Month Fall was impulsive down likely finished wave-(A) & travelling in wave-B- Once Wave B is done on Top- We shall have wave-C downside hitting in the zone 3000-3200 where it travels 61.8% distance...
(( ))- circled wave
Corrective Wave, which started from 930 lows has fulfilled the minimum criteria of kissing the zone of 1035-1040 as expected in previous updates by making a close recent high@1032- where it travels 61.8% of ((ii))-((III)) wave distance & could be a double top which is not confirmed yet.
Trading strategy
It should hold below 1030 to give us...
Nifty has corrected around 50 to 61.8% Fib Levels for previous upmove. Once the Price Breaks out above 8110 Nifty gives a Buying Opportunity for the C wave up move towards 8400. I will be buying Nifty @ breakout above 8110 with stoploss below 7980 for Target of 8370/8400. If the price continues to go lower below 7920 and make new lows then the above analysis would...
BHARATFIN in W5 has done 2.618 W1 and hit a EW W5 trendline tgt found bulls exactly there with a big bull bar.
But the w5 structure shows it can go for one more low and only pullback is happening.
above 600 any dip can be bought for a hit-run target of 630.
Bears climax is soon. after that bulls can feel safe
Long on dips above 600
Target 630
SL 579
Gold - XAUUSD is Possibily forming an Ending Diagonal in a Wave c of a-b-c correction which will also potentially complete Wave B or 2 of larger Wave Count completing the correction of over all rally from 1150 to 1375. Gold has corrected in a 3 wave decline and is not around 61.8 fib retracement levels. MACD is giving Divergence on smaller timeframes 240/60 giving...
Axisbank is forming an Ending Diagonal which is also complete.. I would be buying Axisbank at current levels for Target of 550 and above and stoploss around 420 levels..
ApolloTyre is giving a Buying Opportunity with a Short Term Target of around 204 levels. One can keep stoploss around 178 levels for the long positions. This move can possibly extend and go higher but I am giving short term targets keeping the current wave setup as a correction. Any inputs are welcome..
The pattern formed in TVS motors suggests that it is undergoing a zig zag correction. Wave A and Wave B of the correction is already over. I am expecting wave C to be either 100%, 138% or 161.8% of wave A. Also it can be noticed that the support line in wave B is broken. The complete pattern assumption becomes invalid, if the high 380 is broken. Let's wait and...
Tata motors falling down still showing weakness and no sign of strength returning yet.
Trading near Fibo supports of earlier daily swings. 428 is a key fibo to watch failing with 392 is the next fibo support.
EW wave counts shows WIII in progress inside w3 and W III done first 2nd tgt. and retracement now should bring wIV for a quick swing trade for hit n...
Colpal Trading near Monthly TL support is expected to have completed WX/AB waves of correction as Elliot Wave.
Now 1033 high is key for longer term bulls. any close below the monthly TL support which is near a small demand zone too, should trigger Monthly TL-2 target and Weekly TL tgt.
SL above 1033 longer term
shorterm players should wait for a retracement r...
It is been observed on daily and weekly chart that the price action making lower highs and lower lows indicated a downward trend. Now, It is also been observed that the price action completed Wave 4 and now it is in progress of Wave 5 in the prevailing downward trend. For last two trading session, it is been bearish when Marked acted positive. I believe sellers...
