Wave (v) in blue color is in extended zone and wave (v) in red color will be in extended zone after 11016. Maximum projection of both these waves are coming at 11071.
So we can conclude that from 11016-11071 range small or big decline is possible. This decline can be 45-75 points or it may be 120-200 points.
The only confusion for that decline is because of the...
Upward Fibonacci Retracement of the swing is 50% but downward retracement of the swing is 110-120%.Short term target of 661 for Fourth Week of Jan 2019
Moving In Channel.
Buy In Demand Zone As Per Comfort.
Risk Reward Favourable.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
Starting from 10334 it seems currently we are in (iv) of (C or 3). wave (iv) retracement level 10740-10693 can be buying opportunity with stop loss of 10655(Not so accurate). From that buying range nifty can bounce up to 10838 and further it can also extend up to 10865-10941.
This sharp decline from 10941 to 10334 is seems like personality of wave C. And recovery towards 10941 after that sharp fall is also indicating that it might be an irregular correction pattern was completed from 10645-10440(as A), 10440-10941(as B) and 10941-10334(as C).
As per this wave count 10974-11126 is the minimum target range, even if wave started from...
In Short Term Moving In Downward Channel.
At Resistance of Upper Line of Channel.
Bearish Cloud Acting As Resistance.
Trend Line Resistance.
Fibonacci Resistance.
Positional View For Educational Purpose Only.
Other Details Mentioned In Chart.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
A good setup for a possible buy trade is developing in DenaBank..
My analysis is purely on the basis of Wave analysis, Patterns and Fibs..
Will update as it unfolds..
If Retracement levels will come(with Corrective pattern) then it will be a buying opportunity with stop loss of 10622. This retracement levels will change according to new fresh high of tomorrow.
If impulse started from 10494 is wave C then it will not go much higher above 10780.
OR
If impulse started from 10494 is wave 3 then...
NIFTY
1. 3RD ELLIOT WAVE ON
2. TOOK THE 1,2 TREND LINE SUPPORT
3. FROM 10000 TO 10950 FR 50% IS DONE
4. FROM 10959 TO 10333 61.8% FR IS DONE SO NOW UP MOVE ON 3RD STARONG WAVE
