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Elliott Wave

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
BITSTAMP:BTCUSD
by Trade-Technique
2
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!
NSE:NIFTYLong
by Stock-Holmes
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.
LME:LMEXLong
by RK_Chaarts
#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.
Editors' picks
NSE:NIFTY
by Manickamtraders
2
#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.
NSE:BANKNIFTY
by Manickamtraders
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.
NSE:NIFTYLong
by KardamRishi
#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.
NSE:NIFTY
by Manickamtraders
3
#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.
NSE:BANKNIFTY
by Manickamtraders
#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.
NSE:NIFTY
by Manickamtraders
#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