Theory:
DIAGONAL:
Diagonal are the motive waves like an impulse wave, but diagonals are different from impulse wave in that they do follow the first two Sutras (rules of impulse wave) for wave analysis, but it does not follow the third one i.e. Wave 4 should not intervene the territory of the wave 1. In a diagonal wave 4 always enters into the price territory of...
Banknifty is known for its levels and breaking it simultaneously , now we see the Elliot waves candle sticks chart pattern and we can see a upside potential for the banknifty as per technical analysis , once it breaks the 38800 resistance we can upmove of more than 1000-800 points if it sustain over 38800.
After the five wave rise stock has given a 3waves corrective move in the form of wxy. Considering this correction as a wave 2 completion on larger degree, one should go long on current levels keeping SL of 170 & target for higher in 5 wave impulsive rally. the immediate target should be 220/240
Normally I don't prefer to trade with a heavy position at 5th wave especially, whenever 3rd wave is extended. In this case, we're moving toward forming 5th Wave.
I have already predicted 5wave of A, B, and C by using future expected retracement.
t1=11226
fifth wave can not go above 10943.
wave fifth can achieve the target of 11226.
wave five can make after triangle .
fifth wave over into 10943 to 11226.
Leg a,b,c has satisfied the characteristics of a triangle,this is most probably a triangle. Assuming this as a triangle, leg d will be completed at some 500 level. After leg d is completed, it can be a great opportunity to short for leg e of X/B. after completion of leg e and X/B it can be great opportunity to go long till the wave 4 completes. Keeping...
