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Elliott Wave

#Banknifty directions and levels for June19th.BankNifty has shown a solid breakout after the triangle structure. According to wave analysis, the triangle could be the 4th wave, and the breakout pullback could be the 5th wave, which is also a distribution wave. However, there are two subwaves pending, so if the market sustains the gap-up, we can expect a pullback rally with minor consolidation around the supply zone. This is the basic structure. Alternatively, if the market faces a sharp rejection, we can initially expect a minimum of 38% correction in the minor swing. After that, if it breaks the 38% level, it may turn into a correction, or if it finds support at the 38% Fibonacci level, the market may consolidate.
NSE:BANKNIFTY
by Manickamtraders
3
#Nifty Directions and levels for June 18th.Good morning, friends! 🌺🍬 Here are the directions for June 18th: There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 110 points (at 8:00 AM). Nifty and Bank Nifty have structures of consolidation. Even though they are in consolidation, the wave counts are different. Nifty is moving in the 5th diagonal, and Bank Nifty is moving in the 4th correction. We have already discussed this. Let's discuss today's direction. If the Nifty sustains the gap-up start, then we can expect a minimum of 23606 to 23668. It's a higher degree supply zone, but it’s not a big deal today. If the market reaches there, it will likely take consolidation there, meaning the market may maintain the bullish sentiment in the upcoming session as well. On the other hand, if it rejects sharply around the supply zone, we could wait for the reversal confirmation, as usual, EMA20 or minor swing 38% Fibonacci level breakout. If it breaks, we can expect the next correctional target, a minimum of the 78% Fibonacci level. If it doesn’t break the 38%, then minor consolidation may continue. The alternate view is if the gap-up doesn’t sustain or if it rejects around the level of 23556, then the diagonal may continue further within the channel. If you want clear levels, then use the same reversal confirmation parameters.
NSE:NIFTY
by Manickamtraders
Primary 3 ending soonPrimary degree:Green Intermediate:yellow Minor:Red Currently we are in minor 5 of intermediate 5 of primary 3.Price wise we have seen 361.8% extension of primary wave 1 in primary wave 3. Going ahead if minor 2-4 trend line is broken then we can see start of Primary wave 4 which can take prices between 90-70.One should avoid going long at current levels and wait for lower levels to enter. For someone who is already long can keep a stop-loss of 155.Count invalid above 192(Fresh long only above 192).I havent included momentum indicator over here but it is also showing negative divergence,a potential sign of topping. Disclaimer:This are just my views on the stock,no positions should solely be taken or exited on its basis.Posting this for my future reference.
NSE:IRFC
by UNDERDOG-29
13
#Banknifty directions and levels for June 14th.Bank Nifty doesn't have a diagonal structure; it's a consolidation. So, it might continue its 4th wave. We need not think big; simply, it’s a range market, so mostly the range will likely continue. However, if you want some precise levels, if the market breaks the immediate support or resistance, we can try a range breakout entry. However, the range market is difficult for trading. If you believe it could go to the next level, then only you should enter there.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June 14th.Good morning, friends! 🌺🍬 Here are the directions for June 14th: There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 6 points (at 8.00 AM). Both Nifty and Bank Nifty still have the same range-bound sentiment, but the wave structures are a little bit different from each other. The range market has many different patterns in the wave theory, so today we can see the sentiment separately. Nifty has closed the range-bound structure, even though it opened with a long gap-up in the previous session. As per the wave structure, the 5-wave structures are completed in the diagonal pattern, indicating a correction. In this case, if the market declines initially, we can expect a minimum of 78% retracement in the minor swing. This is the basic structure. However, there is another variation: if the market finds support around the immediate support level (61%), then the range market will likely continue. The alternate variation also suggests a range market. Even if the initial market takes a pullback, structurally it won't be sustained. If we want to describe it, it could be a diagonal extension. We can expect the maximum pullback level of 23,516. Again, what I'm expecting here is that it won't be sustained, but if it breaks that level solidly, then we can try a breakout entry with a target of 23,572 to 23,606.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June 13th.Good morning, friends! 🌺🍬 Here are the directions for June 13th: There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 83 points. Both Nifty and Bank Nifty still have the same range-bound sentiment. As per the wave structure, the consolidation might be the 4th correction and a 5th ending diagonal pattern. So today, if the pullback rejects around the immediate resistance level (50347 for banknifty), we can expect a trend reversal. If you want confirmation of the reversal, you can apply EMA20 or a 38% Fibonacci level breakout in the minor swing. If you feel this signal shows slow movement, you can use structure analysis. If the pullback moves with grinding, it might reverse there. However, everything is a possibility for reversal. We can also see a continuation variation: if the pullback sustains there or if it has a sharp and solid structure, then the pullback will likely continue further. This is the first variation, meaning if the market sustains the gap-up, we can expect these sentiments. On the other hand, if the gap-up doesn't sustain or if it declines initially, then the range-bound market might continue further.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June 13th.Good morning, friends! 🌺🍬 Here are the directions for June 13th: There are still no significant changes in the global and our markets. They are maintaining a moderately bullish sentiment. Today, the market may open with a gap-up start, as indicated by GiftNifty, which shows an increase of 83 points. Both Nifty and Bank Nifty still have the same range-bound sentiment. As per the wave structure, the consolidation might be the 4th correction and a 5th ending diagonal pattern. So today, if the pullback rejects around the immediate resistance level(23468 for nifty), we can expect a trend reversal. If you want confirmation of the reversal, you can apply EMA20 or a 38% Fibonacci level breakout in the minor swing. If you feel this signal shows slow movement, you can use structure analysis. If the pullback moves with grinding, it might reverse there. However, everything is a possibility for reversal. We can also see a continuation variation: if the pullback sustains there or if it has a sharp and solid structure, then the pullback will likely continue further. This is the first variation, meaning if the market sustains the gap-up, we can expect these sentiments. On the other hand, if the gap-up doesn't sustain or if it declines initially, then the range-bound market might continue further.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June 12th.Good morning, friends! 🌺🍬 Here are the directions for June 12th: There are no significant changes in the global and our market. It is still maintaining a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points. We are going to follow yesterday's sentiments. Nifty and BankNifty both consolidated in the previous session as well. It's a range-bound market, so the market may consolidate within the range of the past two trading sessions. However The proper statement is: if the market opens neutral, or if it takes support around the immediate support level, then we can expect a minimum of a 78% bounce back in the minor swing. the rally will continue only If it breaks the previous high. otherwise the range only will continue. Alternatively, if the market takes a sharp decline initially, we can expect the correction to continue with minor consolidations around 23,029 for Nifty and 49,268 for BankNifty. Here, the structure is important. If it has a solid reddish candle, we can expect a correction; otherwise, the range may continue further.
NSE:BANKNIFTY
by Manickamtraders
3
#Nifty directions and levels for June 12th.Good morning, friends! 🌺🍬 Here are the directions for June 12th: There are no significant changes in the global and our market. It is still maintaining a moderately bullish sentiment. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points. We are going to follow yesterday's sentiments. Nifty and BankNifty both consolidated in the previous session as well. It's a range-bound market, so the market may consolidate within the range of the past two trading sessions. However The proper statement is: if the market opens neutral, or if it takes support around the immediate support level, then we can expect a minimum of a 78% bounce back in the minor swing. the rally will continue only If it breaks the previous high. otherwise the range only will continue. Alternatively, if the market takes a sharp decline initially, we can expect the correction to continue with minor consolidations around 23,029 for Nifty. Here, the structure is important. If it has a solid reddish candle, we can expect a correction; otherwise, the range may continue further.
NSE:NIFTY
by Manickamtraders
1
#Nifty directions and levels for June11th.Good morning, friends! 🌺🍬 Here are the directions for June 11th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30 points. Nifty and BankNifty both have the same sentiment; both consolidated in the previous session. So, as usual, structurally it’s a bullish trend, but we should wait for the range breakout. If it breaks, we can expect the rally to continue. If you want precise directions, here is a step-by-step guide: > In the short term, the market is moving within a minor range. If the market opens neutrally, we can initially expect range continuation. That means if the market takes a pullback initially or if it takes support around the immediate support level, the market may bounce back a minimum of 78% in the minor swing. > The rally will continue only if it breaks the previous high. > The correction may be expected only if the market takes a sharp decline initially. If the decline sustains, we can expect the correction to continue with minor consolidations around 23,029 for Nifty.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for June11th.Good morning, friends! 🌺🍬 Here are the directions for June 11th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30 points. Nifty and BankNifty both have the same sentiment; both consolidated in the previous session. So, as usual, structurally it’s a bullish trend, but we should wait for the range breakout. If it breaks, we can expect the rally to continue. If you want precise directions, here is a step-by-step guide: > In the short term, the market is moving within a minor range. If the market opens neutrally, we can initially expect range continuation. That means if the market takes a pullback initially or if it takes support around the immediate support level, the market may bounce back a minimum of 78% in the minor swing. > The rally will continue only if it breaks the previous high. > The correction may be expected only if the market takes a sharp decline initially. If the decline sustains, we can expect the correction to continue with minor consolidations around 49,268 for BankNifty.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for June 10th.Good morning, friends! 🌺🍬 Here are the directions for June 10th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 40 points. Nifty and BankNifty both have the same sentiment, with no significant changes in direction. Nifty has closed near its all-time high. Psychologically, this is a major resistance level. The current picture suggests a range-bound movement rather than a clear direction because the immediate resistance levels and wave structures are somewhat uncertain, like a cat on the wall. Let me describe the possible directions one by one. Let's look at the directions: > If the market breaks the level of 23,401, either with consolidation or a solid breakout, we can expect a move to a minimum of 23,503, reaching the supply zone. > On the other hand, if the market sustains the gap-down or if it rejects around 23,401 (if an initial pullback occurs), then we can expect a minimum correction of 38%. >According to the structure, the 38% level could act as strong resistance in a trending market, so if the market finds support around 38%, we can expect the rally to continue with some consolidation. My personal opinion is that if the market takes a correction, we can expect a minimum move to the 78% Fibonacci level. It may consolidate around either the 38% or 50% level, but it won't sustain for long.
NSE:NIFTY
by Manickamtraders
2
#Banknifty directions and levels for June 10th.BankNifty also has the same sentiment, but the levels are slightly different: > If the market breaks the 78% Fibonacci level on the upside, we can expect a minimum move to 50,557. This is a supply zone, so if the market rejects there, we can expect a minimum correction of 38% in the minor swing. or If it consolidates there(around supply zone), then the rally will likely continue. > On the other hand, if the market takes a correction, it may consolidate between the level of the minor demand zone at 49,547. However, if it breaks the minor demand zone, then the correction will likely continue. We can expect a minimum move to 49,129 to 48,772.
NSE:BANKNIFTY
by Manickamtraders
Nifty X-Wave Volatility: Potential Wipeout of Recent RallyDisclaimer: 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? --------------------------------------------------------------------------------------------- Overview: The Nifty Index is currently forming a complex WXY wave pattern on a higher degree wave. With Wave W and X completed, we are now anticipating a decline towards the psychological support levels. Key Levels and Targets: Initial Support Zone: 21950 - 22000 This zone is expected to provide psychological support. If the index holds below 22900 in opening session on 7th June 2024 and begins to fall, we anticipate an initial drop to this support zone 21950-22000, marking a fall of approximately 900-1000 points. Further Downside: Below 21900 If the index breaks below 21900, we could see a continuation of the fall towards the previous lows around 21281, observed on 4th June. Recent Rally: Rally Overview: The index recently rallied 1629 points from the low of 21281 on 4th June 2024 to higher levels of 22910 within the last 2-3 days. Correction Expectation: This rally may be wiped out as part of the corrective sequence, leading to a possible retest of lower levels before any further upside movement. Upside Potential: New Highs Target: Above 23338 After the corrective phase, we expect the index to resume its upward trajectory, potentially reaching new highs above 23338 as discussed in the last idea Last Idea - Nifty - Pre Exit Poll Outlook: Bulls Above 22,400 Trading Plan: Monitor Resistance: Keep a close watch on the 22900 level. As long as the index remains below this level, a bearish outlook is maintained. Initial Short Position: Consider initiating short positions if the index holds below 22900, targeting the 21950 - 22000 support zone. Break Below 21900: If the index breaks below 21900, further short positions can be considered, aiming for a retest of the 21281 level and even new lows are possible Reversal Signs: Look for reversal signs and bullish setups near the 21281 level to position for the next potential rally towards new highs above 23338. Conclusion: The Nifty Index is poised for a significant correction before resuming its upward trend. Traders should be prepared for volatility and closely monitor key levels for optimal entry and exit points. ----------------------------------------------------------------------------------------------- From WaveTalks Abhishek
NSE:NIFTYShort
by WaveTalks
24
#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.
NSE:BANKNIFTY
by Manickamtraders
#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.
NSE:NIFTY
by Manickamtraders