Get started

Elliott Wave

Update latest gold price today !Hello everyone! Gold has been in a steady decline since the start of the week, currently sitting at 2561, with strong indications that this downtrend may persist. The key 2550 level is still fiercely contested, keeping traders on edge. The market remains clouded with apprehension, especially with recent developments in the U.S. following Donald Trump's election as president. This lingering uncertainty may continue to weigh heavily on gold. At the moment, all attention is focused on the upcoming October Producer Price Index (PPI) report in the U.S. Analysts are forecasting a year-over-year increase of 2.3% for October, a notable jump from September's 1.8%. If both the CPI and PPI show further inflationary pressure, the Federal Reserve could be pushed to raise interest rates, which could apply even more pressure on gold prices. A stronger U.S. dollar would make gold trading and holding costs more expensive, potentially intensifying the sell-off. Technically speaking, the battle at 2550 is far from over, and there’s a strong likelihood of a brief pullback before continuing the downward trend. This could mean a possible retest of the 2600-2580 resistance zone before resuming its decline. Chart patterns suggest that if the correction unfolds as anticipated—possibly in line with an Elliott wave impulse—the target could be around 2485, a drop of over 1000 pips from the resistance level. Stay tuned for more developments as this situation unfolds!
OANDA:XAUUSDShort
by Bo-Samson
2
Gold -> How Long Will the Adjustment Last? Emphasis on $2,600Hello, dear friends! Gold (XAU/USD) extended its recovery early this week, reaching the critical $2,600 mark and ending a six-day losing streak after a false breakout and a retest of $2,546. This rally has been fueled by escalating geopolitical tensions as the U.S. authorized Ukraine to use long-range weapons to strike Russia. However, the market remains under significant pressure. The USD and bond yields continue to rise, while the Federal Reserve maintains a hawkish stance. Economic struggles in Europe are weakening the euro, driving demand for the USD and further weighing on gold. This week, the gold market is expected to remain subdued with limited major economic data releases. Key areas to watch include U.S. housing data, the University of Michigan Consumer Sentiment Index, and comments from Federal Reserve officials. Gold is currently testing the critical resistance zone at $2,600–$2,589. A false breakout here could trigger strong selling, reinforcing bearish momentum. Conversely, a modest pullback followed by a decline to $2,546 would solidify a clearer downtrend. Keep a close watch!
OANDA:XAUUSDShort
by Bo-Samson
#Nifty directions and levels for November 18th.Good morning, friends! 🌞 Here are the market directions and levels for November 18th. Market Overview: There are no significant changes happening. The global market is showing a moderately bearish sentiment (based on the Dow Jones only), and our local market is also exhibiting bearish sentiment. Today, the market may open with a neutral to slightly gap-down start, with the Gifty Nifty showing a negative 80 points. In the previous session, both Nifty and Bank Nifty moved in a consolidation pattern. Structurally, it remains a bearish trend, so if the gap-down sustains, we can expect the continuation of the correction. On the other hand, if it rejects around the immediate support level or opens with a gap-up, we can expect a minimum pullback of 23% to 38%. Let’s look at this in the charts. Both Nifty and Bank Nifty have the same structural sentiment. Nifty Current View: The current view for Nifty indicates that if the initial market takes a pullback around the immediate support level (23,435), we can expect a minimum pullback of 23% to 38%. After that, if it rejects at either the 23% or 38% Fibonacci level, the correction will likely continue. However, if it sustains and breaks the 38% Fibonacci level, it could reach the 50% and 61% levels. If this happens, the upcoming session could turn into a range market. Alternate View: The alternate view suggests that if the market breaks the immediate support level (23,435) solidly or consolidates around the support level, the correction will likely continue to the level of 23,245.
NSE:NIFTY
by Manickamtraders
3
#Banknifty directions and levels for November 18th.Bank Nifty Current View: The current view for Bank Nifty indicates that if the initial market takes a pullback around the immediate support level (38%), we can expect a minimum pullback of 23% to 38%. After that, if it rejects at either the 23% or 38% Fibonacci level, the correction will likely continue. However, if it sustains and breaks the 38% Fibonacci level, it could reach the 50% and 61% levels. If this happens, the upcoming session could turn into a range market. Alternate View: The alternate view suggests that if the market breaks the immediate support level (38%) solidly or consolidates around the support level, the correction will likely continue to the level of 49,283.
NSE:BANKNIFTY
by Manickamtraders
What's happening in ITC?ITC daily chart: After completion of Normal or Trending Impulse, the price falls. We can see clearly that the first leg of this fall looks like an impulse (shown by red 1-2-3-4-5), which is wave A of Zig-zag. Then price retraced to 38.2% forming wave B. Currently, wave C is developing in ITC. The minimum fall for this is 61.8% extension, which is near the 459 level. Remember that this is a minimum fall for any Zig-zag pattern. If the price breaks 459 and starts trading below it, the target of 100%, which is near 438.85, will be achieved. (This also fulfills the Rule of Equality). This analysis is based on Elliott Wave theory and Fibonacci. This analysis is for educational purposes only.
NSE:ITCShort
by theprofityogi
#Nifty directions and levels for November 14th.Good morning, friends! 🌞 Here are the market directions and levels for November 14th. Market Overview: There are no significant changes from the previous session. The global markets are showing a moderately bearish sentiment (mainly based on the Dow Jones), and our local market also indicates a bearish trend. Today, the market may open neutral to slightly gap-down, as SGX Nifty is showing a negative move of 30 points. In the previous session, the market continued its correction solidly. Structurally, today's correction is expected to continue if it breaks the previous bottom. Otherwise, it may consolidate between the previous bottom and the 38% Fibonacci level. A reversal could be anticipated only if it breaks either the 20-day EMA or the 38% Fibonacci level. Additionally, there are two sub-waves forming—a fourth consolidation wave and a fifth corrective wave—so today’s movement may reflect these structures. Let's illustrate this on the chart. Nifty Current View: > The current view of Nifty indicates that if the market undergoes minor consolidation or if it breaks the previous bottom solidly, then the correction is likely to continue toward the levels of 23435 to 23245. > Notably, if the market corrects, it could be a minor fifth wave; thus, there is a possibility of forming a diagonal pattern. If it forms and subsequently breaks out of the pattern, we can consider that a minor reversal to the upside. Alternate View: > On the other hand, the alternate view suggests that if the market initially takes a pullback, we can expect a maximum pullback of 23% to 38%. After that, if it rejects either the 23% or 38% Fibonacci level, then the correction will likely continue. > However, structurally, it could be a fourth sub-wave, so some consolidation could be possible between the previous low and the Fibonacci level of 38%. > Notably, structurally, it won’t break the Fibonacci level of 38%; in case it does, we can consider that a minor bullish reversal.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for November 14th.Bank Nifty Current View: The situation is similar to the Nifty structure. If the market undergoes minor consolidation or if it breaks the previous bottom solidly, then the correction will likely continue toward the level of 38% to 49283. Furthermore, a diagonal pattern is also possible; therefore, we can follow the same instructions mentioned in the Nifty sentiment. Alternate View: > The alternate view indicates that if the market initially takes a pullback, we can expect a maximum pullback of 38% to 50%. After that, if it rejects the 38% Fibonacci level, then the correction will likely continue. > The pullback yesterday appeared to be a solid candle, so if the market takes a strong pullback, it could easily break the 38% Fibonacci level. However, if the market breaks the 38%, we could consider that a minor reversal.
NSE:BANKNIFTY
by Manickamtraders
NIFTY... KEEP INVESTING...Guys... I am sharing my view on the Elliot waves in Nifty. The bullish pattern is intact. We are currently in the 3rd primary wave. Of the five intermediate waves in the primary wave 3, nifty is right now in wave (4) correction. A quick and rapid wave (5) is likely to start at the end of wave 4. Though Nifty is at 200 EMA right now, I feel the strong support zone is around 22700 levels. I won't be surprised if Nifty can fall around 800 points from here. Keep investing in parts and add more when Nifty goes below 23000. The market is always right..! Trade with appropriate stop-loss.
NSE:NIFTYLong
by Stock-Holmes
#Nifty directions and levels for November 13th.Good morning, friends! 🌞 Here are the market directions and levels for November 13th. Market Overview: The global market is showing moderately bearish sentiment (based on Dow Jones only), and our local market is exhibiting a bearish sentiment as well. Today, the market may open with a neutral to slightly gap-down start, based on the Gifty Nifty showing a negative 30 points. In the previous session, both Nifty and Bank Nifty experienced a solid correction. Structurally, we can expect a further slight correction, and the sub-wave analysis supports this. Currently, on the other hand, we are at the bottom of the range. Additionally, the RSI shows divergence, indicating a probability for a bounce back. Let’s explain this in the chart. Both Nifty and Bank Nifty have the same structural sentiment. Current View: The current view suggests that if the market sustains the gap-down, it could experience a minor bounce back around MDZ. However, this would only be a minor bounce back; after that, if it breaks the previous bottom, then the correction is likely to continue. Alternate View: The alternate view indicates that if the market opens with a gap-up, or if the initial market takes a solid pullback and breaks the 20 EMA, it may hold a range-bound sentiment. This means the market could move to the top of the range. Targets are expected to be a minimum of 38% to 78% of the swing.
NSE:NIFTY
by Manickamtraders
2
#Banknifty directions and levels for November 13th.Current View: The current view suggests that if the market sustains the gap-down, it could experience a minor bounce back around 50,865 or DZ. However, this would only be a minor bounce back; after that, if it breaks the previous bottom, then the correction is likely to continue. Alternate View: The alternate view indicates that if the market opens with a gap-up, or if the initial market takes a solid pullback and breaks the 20 EMA, it may hold a range-bound sentiment. This means the market could move to the top of the range. Targets are expected to be a minimum of 38% to 78% of the swing.
NSE:BANKNIFTY
by Manickamtraders
NIFTY downside targetsIf we count a single leg for NIFTY, (recent move), we can see Flat Correction. Wave B is returning from the golden ratio of 61.8% We will use the Fib extension to find the target of wave C. We can see that the minimum target of 61.8% has already been crossed. Price now moving for the Rule of equality i.e. 100%. But we can see several Fib clusters near the price range of 23667.40 and 23621.35 So we can expect wave C up to these zones. This analysis is done using Elliott Wave theory and Fibonacci. This analysis is for educational purposes only.
NSE:NIFTYShort
by theprofityogi
#Banknifty directions and levels for November 12th.Bank Nifty Current View: It looks similar to the Nifty sentiment. If the market sustains the gap-up, it could reach a minimum of 52,093. This is a major resistance. After that pullback, if it rejects there, then it will close where it started the session. However, if it sustains or breaks this level, then the pullback will continue toward the level of 52,237 to 52,357. This is our first variation. Alternate View: The alternate view suggests that if the market declines and breaks the level of 51,736, then it could reach a minimum of 51,483 to 51,395.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for November 12th.Good morning, friends! 🌞 Here are the market directions and levels for November 12th. Market Overview: There are no significant changes that have happened. The global market is maintaining a bullish sentiment (based on Dow Jones only), while our local market is showing a moderately bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on Nifty showing a positive 40 points. In the previous session, both Nifty and Bank Nifty had a solid pullback, but it didn't sustain, which simply means we are in a range market. Today's structure also indicates a continuation of the range market. Let's take a look at this in the charts. Nifty Current View: The current view suggests that if the market sustains the gap-up, it could reach a minimum of 24,288. This is a major resistance. After that pullback, if it rejects there, then it will close where it started the session. However, if it sustains or breaks this level, then the pullback will continue toward the level of 24,367. This is our first variation. Alternate View: The alternate view suggests that if the market declines initially, it could reach a minimum of 78% to the MDZ. However, it should break 24,076, then only can we expect these levels.
NSE:NIFTY
by Manickamtraders
EPL Ltd for 60% gains; best ever quarter resultsDate: 11Nov’24 Symbol: EPL Timeframe: Daily EPL (formerly known as Essel Propack Ltd) seems to be in Wave III of 3 which could extend to 400 levels (60% from current price of 250) as seen in the chart. Possible wave counts have been marked which will have to be reviewed as the move develops. EPL has posted best ever quarter sales and profits in Q2 today so a big jump may be seen tomorrow, 12 Nov’24. This is not a trade recommendation. Please do your own analysis. And I have the right to be wrong. HINGLISH VERSION Aisa lagta hai ki EPL (pehle jiska naam Essel Propack tha) 3 ki Wave III mein hai jo 400 ke star (250 ki vartamaan keemat se 60%) tak badh sakta hai jaisa ki chart mein dekh sakte hain. Sambhavit Wave numbering ko chihnit kar liya gaya hai jiski sameeksha chaal vikasit hone par kee jaegee. EPL ne aaj Q2FY25 mein ab tak ki sabase achchhee quarterly sales aur profit darj kiya hai, isliye kal, 12 Nov’24 ko ek bada uchhaal dekha ja sakta hai. Yah koi trade lene ya invest karne ki salaah nahi hai. Kripya apana vishleshan khud karein. Aur mujhe galat hone ka adhikaar hai.
NSE:EPLLong
by DhandhaPaani
Sharda Cropchem for 60% gainsDate: 11 Nov’24 Symbol: SHARDACROP Timeframe: Daily Sharda Cropchem seems to be in Wave III of 3 which is heading towards 1350 (~60% from current price of 800) as seen in the chart. Wave 3 could even extend to 1500 which can be reviewed after closing above 1100 in Wave V of 3. Recent Q2 results are good with better margins compared to last FY. This is not a trade recommendation. Please do your own analysis. And I have the right to be wrong. HINGLISH VERSION Jaisa ki chart mein dekha gaya hai, Sharda Cropchem 3 ke Wave III mein dikh raha hai jo 1350 (800 ki maujooda keemat se ~60%) ki taraf badh raha hai. Wave 3 1500 tak bhi jaa sakta hai; jiskee sameeksha 3 ke Wave V mein 1100 se upar band hone ke baad ki jaa sakti hai. Pichhle FY ki tulana mein behatar margin ke saath haal ke Q2 ke nateeje achchhe hain. Yah koi trade lene ya nivesh karne ki salah nahin hai. Kripya apna vishleshan svayan karen. Aur mujhe galat hone ka adhikaar hai.
NSE:SHARDACROPLong
by DhandhaPaani
#Nifty directions and levels for November 11th.Good morning, friends! 🌞 Here are the market directions and levels for November 11th. Market Overview: The global markets are maintaining a bullish sentiment (based on the Dow Jones), while our local market is displaying a moderately bearish outlook. Today, we might see the market open with a neutral to slightly gap-down start, as indicated by the Gifty Nifty showing a decline of 70 points. In the previous session, both Nifty and Bank Nifty showed strong movement, but the fluctuations resembled a diagonal pattern. If the market starts off neutral, this diagonal trend may continue. Conversely, if the market experiences a significant decline, it could reach the bottom of the recent swing. > Currently, there are no structural changes; we remain in a range-bound market. Let’s take a look at the charts. Both Nifty and Bank Nifty are following a similar structure. Nifty Current View: The current view suggests that if the market finds support at the level of 24010 and gradually moves up, or if the market takes a solid pullback initially, then we can expect a minimum pullback of 38% to 50%. This is our first variation. Alternate View: The alternate view suggests that if the market sustains the gap down or declines solidly, then the correction will likely continue to the level of 78% to MDZ.
NSE:NIFTY
by Manickamtraders
2