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Elliott Wave

#nifty directions and levels for October 9th."Good morning, friends! 🌞 Here are the market directions and levels for October 9th. Market Overview: The global market is still maintaining a moderately bullish sentiment, while our local market shows a moderately bearish trend. A neutral to gap-up opening is expected today, with SGX Nifty indicating a positive move of around +20 points as of 8 AM. Today, we have a major event: the RBI monetary policy announcement. This means the market is likely to move based on this data, which will be released around 10 AM. Therefore, technical analysis may not play a significant role today. However, structurally, both the Nifty and Bank Nifty remain in a bearish bias since they haven't broken the 38% Fibonacci level in the overall correction. So, if the market rejects the key resistance level, we can expect the correction to continue."
NSE:NIFTY
by Manickamtraders
#banknifty directions and levels for October 9th.Today, we have a major event: the RBI monetary policy announcement. This means the market is likely to move based on this data, which will be released around 10 AM. Therefore, technical analysis may not play a significant role today. However, structurally, both the Nifty and Bank Nifty remain in a bearish bias since they haven't broken the 38% Fibonacci level in the overall correction. So, if the market rejects the key resistance level, we can expect the correction to continue.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for the 2nd week of October.Current View: The current view based on the RSI data is as follows: * The RSI divergence is likely to occur in the sub-wave 5. The structure suggests there is a 5th sub-wave forming. Once the market starts to bounce back, we can close the 5-wave structure in the 1st leg of the correction, leading into the 2nd leg. * The ideal 2nd leg is a three-wave structure, which could take a minimum of 38% to 61% bounce back from the previous swing. > In rare occasions, it could reach 78%. Structurally, it won’t go beyond this level; however, if it does, the overall trend will turn bullish. * Once the three-wave structure (2nd leg) completes, the 3rd wave will begin. The 3rd wave is a correctional wave; if it rejects and cuts below the EMA20 line, we can assume that the downtrend may continue further. This is our first variation. Alternate View: * The alternate view suggests that if the week starts with a negative candle, it may evolve into a diagonal structure. * A diagonal is a time adjustment pattern, so the correction could continue with some minor bounce backs. * However, the diagonal also indicates a sub-wave of the 5th. Once the diagonal pattern breaks upwards, the previous sentiment will apply here as well, meaning we can expect a minimum of a 38% bounce back from the previous swing.
NSE:BANKNIFTY
by Manickamtraders
4
#Nifty directions and levels for the 2nd week of October.Good evening, friends! 🌞 Here are the market directions and levels for the 2nd week of October. Global Outlook: In the previous week, the global market closed where it started, indicating that the past two weeks have seen global markets in a range-bound market. Structurally, this is a moderately bullish trend, so we can expect the continuation of this range during the week. Once the range breaks, the trend is likely to continue. In the meantime, there are some important economic data releases this week, including FOMC minutes, Balance of Trade, Inflation Rate, Initial Jobless Claims, and PPI, so we should watch these closely. Our Market: Last week, both Nifty and Bank Nifty fell drastically due to F&O-related factors. Structurally, this indicates a clear bearish trend, but the RSI is suggesting a slight bounce back due to the occurrence of divergence. If this happens, we can expect a minimum of a 38% bounce back in the minor swing. We can discuss this in more detail in the charts. Additionally, we have a major event this week: the RBI Policy announcement. Current View: The current view based on the RSI data is as follows: * The RSI divergence is likely to occur in the sub-wave 5. The structure suggests there is a 5th sub-wave forming. Once the market starts to bounce back, we can close the 5-wave structure in the 1st leg of the correction, leading into the 2nd leg. * The ideal 2nd leg is a three-wave structure, which could take a minimum of 38% to 61% bounce back from the previous swing. > In rare occasions, it could reach 78%. Structurally, it won’t go beyond this level; however, if it does, the overall trend will turn bullish. * Once the three-wave structure (2nd leg) completes, the 3rd wave will begin. The 3rd wave is a correctional wave; if it rejects and cuts below the EMA20 line, we can assume that the downtrend may continue further. This is our first variation. Alternate View: * The alternate view suggests that if the week starts with a negative candle, it may evolve into a diagonal structure. * A diagonal is a time adjustment pattern, so the correction could continue with some minor bounce backs. * However, the diagonal also indicates a sub-wave of the 5th. Once the diagonal pattern breaks upwards, the previous sentiment will apply here as well, meaning we can expect a minimum of a 38% bounce back from the previous swing.
NSE:NIFTY
by Manickamtraders
#nifty directions and levels for October 4th."Good morning, friends! 🌞 Here are the market directions and levels for October 4th. Market Overview: The global market is still maintaining a moderately bullish sentiment, while our local market indicates a bearish trend. A gap-down opening is expected today, with SGX Nifty showing a negative move of around -90 points at 8 AM. In the previous session, both Nifty and Bank Nifty continued their corrections. So, what about today? GIFT Nifty is indicating a negative start, suggesting further continuation of the downtrend. However, if you look at the chart, there's an RSI divergence, which could signal a minor reversal. This means we can't hold positions without caution today. Let’s take a look at the charts. Current View: The current view suggests that if the market finds support around the immediate support level, we can expect a bounce back of around 23% to 38% in the minor swing. This is our first scenario. For additional confirmation, you can refer to the 20 EMA Alternate View: The alternate view suggests a breakout trade. If the market breaks or consolidates around the support level, we can take a breakout entry and set the target at the next support level. Since I'm uncertain about the trend continuation, I’ve set the target conservatively at the next support level.
NSE:NIFTY
by Manickamtraders
1
#banknifty directions and levels for October 4th.Current View: The current view suggests that if the market finds support around the immediate support level, we can expect a bounce back of around 23% to 38% in the minor swing. This is our first scenario. For additional confirmation, you can refer to the 20 EMA Alternate View: The alternate view suggests a breakout trade. If the market breaks or consolidates around the support level, we can take a breakout entry and set the target at the next support level. Since I'm uncertain about the trend continuation, I’ve set the target conservatively at the next support level.
NSE:BANKNIFTY
by Manickamtraders
2
ONGC still pending a down move?According to Elliott Wave analysis, ONGC looks into last phase of its short term down move. After trending impulse, the stock is into Flat Correction. Wave C of Flat correction should have 5 moves in it. And we can see 4 moves until now. So we can say ONGC is in wave 4 of wave C of Flat correction. ONGC may go further down a little more to form wave 5 of wave C. This level may come at 61.8% retracement of the previous impulse. This analysis is for educational purposes only.
NSE:ONGC
by theprofityogi
EW Breakdown of USDCHF: Eyeing a Move Toward 0.8620I have analyzed the wave count by examining a consolidation area with significant trading activity following a sharp decline in USDCHF. Observing the slope of the fall, it appears that this congestion area could represent a correction on the 4-hour timeframe. The wave count indicates that wave B has formed a contracting triangle, with wave (e) of wave B completing at 0.8396 . We are at wave (C), which has can be move forward after breaching a strong resistance of 0.85154 . The currency may have some pullback for the public participation, but it shouldn't exceed the low of wave B. The setup can be formed after the breakout of wave B, for the distance up to 0.8618. Fibonacci Calculations are given below: Wave C = 1.618 of Wave A Wave C = 0.786 of the previous impulse Wave C = 1.618 of the previous impulse Additional information will be provided shortly.
by Trade-Technique
#Nifty directions and levels for October 3rd.Current View: If the market opens with a gap-down, both Nifty and Bank Nifty are expected to continue in a bearish structure, with some minor consolidation. Even if there’s a pullback, this type of correction typically won’t break the 38% Fibonacci level in the minor swing. This is our first scenario. Alternate View: If the market initially rejects around the immediate support level and breaks the 38% Fibonacci level in the minor swing, it could shift into a range-bound market. In this case, targets are expected around the 78% Fibonacci level in the minor swing.
NSE:NIFTY
by Manickamtraders
#Banknifty directions and levels for October 3rd.Current View: If the market opens with a gap-down, both Nifty and Bank Nifty are expected to continue in a bearish structure, with some minor consolidation. Even if there’s a pullback, this type of correction typically won’t break the 38% Fibonacci level in the minor swing. This is our first scenario. Alternate View: If the market initially rejects around the immediate support level and breaks the 38% Fibonacci level in the minor swing, it could shift into a range-bound market. In this case, targets are expected around the 78% Fibonacci level in the minor swing.
NSE:BANKNIFTY
by Manickamtraders
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.
NSE:NUVAMAEducation
by theprofityogi
9
#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.
NSE:NIFTY
by Manickamtraders
6