Today Nifty opened gap up and invalidated assumption of impulsive down moving Elliott wave.
At gap up 11248 it confirmed since wave 4 touched wave 1 now its forming a wedge or parallel channel.
Where wave 4 should end near 11268 which is 0.618 fib level. Next fib 0.786 11311.
Stop loss 11325
Resistance 11270-85 will be difficult to cross.
Wave 5 should start...
Adani gas is in consolidation mode.. expecting one more touch @ the level of 96 rupees..
Price swings past 21 days between 11 rupees...
It shows consolidation..accumulation zone...
As per chart it will go...
Trade with stop loss....
Bank Nifty has formed symmentric Triangle pattern formed..
This will move either down side or upside & important thing is support and resistance are perfectly matching with Fib 1.618 level..
Still 2 days remaining for weekly Bank nifty expiry.. Surely there will be 1800 volatile.
As per my calculation it may bullish trend...
Bounced back from fib retracement level
& formed bullish divergence. But note,
unable to cross 1425 level
New longs are added today.
If moves up tomorrow then
it will be fueled by strong short covering
Huge addition of OI @ 1440CE. This is only
thing which is indicating bearishness, all
other indicates towards...