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Fibonacci Extension

Multiple setup conclusion Observation -> RSI Divergence (Red line): 11 MAY to 8 June 2020 -> Price & volume : Price is increasing & volume is decreasing : Bearish -> Fiboonaci extension used to find short term upside movement which can be a point of reversal. Remark RIL has tested 1600 level for the third time, hence there can be a + Breakout. ( Extension levels, marked with black lines) Being a heavyweight of NIFTY 50 we can see some rally in RIL. (Nifty 50 is looking bullish in the near term, refer to my previous chart) Conclusion Wait for RIL to give BO from the price channel to initiate a short position.
NSE:RELIANCE
by abhishek_sh4
Nifty 50 Elliot Wave Theory Detailed Study And PredictionAnalysis and detailed study of corrective Wave B on Weekly chart. Please refer weekly chart Elliot Wave counting from my ideas posted 2 days ago or from the below link. The above analysis is done in 180 min chart. Details already mentioned on the chart. Zoom in/out to see the clear analysis. This is a breakdown of wave B to complete the same wave and to start Wave C. This will help you to take off position and or re-enter a upmove. PLEASE NOTE, each wave of each degree is counted with relation to Fibonacci numbers, trend line and horizontal SAR. All the rules/guidelines of EWT are followed for the analysis. The waves may or may not show exact movement as predicted. Please be cautious while taking a position. Always analysis using multiple time frame before taking a position. Any suggestion/feedback/criticism/healthy debate are welcome. Appreciation, support and few likes are most welcome. :)
NSE:NIFTYShort
by yogi_sharma_elliottician
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