#Banknifty directions and levels for July 19th.Banknifty:
Bank Nifty is still maintaining its range, so it might continue today as well. However, if it breaks the range, we can expect a move of a minimum of 50% to 78% to the upside. On the downside, if the market breaks the 50% Fibonacci level, we can expect a downside move to 78% to the swing low.
Elliotwavesanalysis
S&P 500 "Elliot Wave Analysis"S&P 500 "Elliot Wave Analysis"
Elliot Wave : 5 Wave Pattern
Wave 1,3 and 5 Effect direction of market
Wave 2 and 5 are counter move to Wave 1,3 and 5
Wave 2 never strike below Wave 1
Wave 3 is never the shortest
Wave 4 never enter Wave 1
Elliot Wave : Wave Structure
Wave structure takes place in two distinctive phases
The first phase is the Five Wave Structure know as Motive Waves
The second phase is the Three Wave Structure know as Corrective Wave
Motive and Corrective Wave together form the completed wave cycle of Eight Waves
Motive Wave : The below chart of S&P 500 has completed the 5 Wave structure
Corrective Wave : The below chart of S&P 500 has been started to form 3 Wave structure
Based on the wave analysis, we expect the S&P price to fall to $4105.
Happy Trading $$$$
EW analysis on Nifty- Are we heading down?After an impulsive move from 12430 to 7511 we saw correction from 7511 to 10554 levels. Correction took the form of zig zag wherin A wave looks like leading diagonal followed by B wave (3wave move) and ongoing Wave C is near completion range. Now it looks like wave C will be followed by 5 wave downside impulsive move. So it is better to stay cautious with long positions at this level. View negates above 10560 levels.