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Fibonacci Retracement

Nifty still going Down? Application of Elliott waves and FiboNSE:NIFTY has corrected by 3500 pts (13.3%) from its high of 26,277 in Sep’24. In post COVID era this is the 2nd biggest correction in terms of % and biggest in points. Let us use Elliot wave theory and the Fibonacci retracement tool Wave Time Start to End Points (percentage from top) Wave (X) ( (i) to (ii) ) Oct-21 to Jun-22 18,604 to 15,183 3,421 pts (18.4%) Wave Y ( iii to iv ) Sep-24 to Feb-25 26,277 to 22,986 3,290 pts (13.28%) Wave Z ( I to ii ) Dec-22 to Mar-23 18,887 to 16,828 2,059 pts (10.79%) Wave (X) ≈ Wave Y || 3421 ≈ 3290 (Δ4%) Wave Y ≈ 168% * Wave Z || 3290 ≈ 161.8%*2059 (i.e. 3331) (Δ1%) *In stock market waves will hardly be exactly equal, 5% of deviation is acceptable to me. While Wave Y & Z are of same degree, wave (X) is of higher than these two.
NSE:NIFTY
by saransh_bagdi
4
#SAIL#SAIL has corrected about 40% from recent swing high and currently trading near 61.8% retracement zone + weekly 200 ema and parallel channel support confluence zone. On weekly tf, it is probably trying to make a double bottom. Historidally, when it gave a breakdown below weekly 200 ema and unable to sustain above it, it continued to underperform for almost 8-10 years but now it is probably trying to take support around it. Also, RSI is making HLs off late, which is probably a good sign. In terms of R:R, this is currently a good bet on long side. As usual, DYOR and this isn't a Buy or Sell reco - but just an educational purpose post
NSE:SAIL
by aktradelearning
3
NIFTY: New high or new low ahead?It looks like NIFTY is in wave 4 currently. If this counting is correct, price should not break below wave 2 (23222 level). Because according to rule, wave 4 will never be parallel or below wave 2. It means price will eventually go in wave 5. Now, as per this counting wave 3 is shorter than wave 1. And rule says wave 3 is never the shortest wave. It means wave 5 will be shorter than wave 3 here. We may assume target of wave 5 as 24034. But if price falls below wave 2, this counting becomes invalid. And price may go in new low.
NSE:NIFTY
by theprofityogi
1
Corrective rise in Reliance The current upmove in Reliance is corrective. The recent low was made near the 111% level, which is considered the wave B level of Flat Correction. The price is in wave C currently. If anyone is interested in buying Reliance, there is a buying opportunity in the blue box. The stop loss will be below wave B. The targets are open as: Minimum 61.8% (the price is near this level) Rule of equality 100% Extended golden ratio 161.8% This analysis is based on Elliott Wave theory and Fibonacci. This is not buying recommendations. Always do your research before taking any action. For educational purposes only.
NSE:RELIANCELong
by theprofityogi
1
SONATA SOFTWARE - Expecting ATH | 40% upside potential Price Analysis & Overview: 1. Prices have taken support from the fib golden zone. 2. EMA are also supporting the trend. 3. Minimum ATH resistance level will be expected. 4. Above 720 RSI will show further strength for bullish momentum. 5. RRR is favourable. 6. Retracement based trade setup. Trade Plan: 1. ENTRY = CMP 590 2. SL = 10% 530 3. TARGET = 40% 800++ - Stay tuned for further insights, updates and trade safely! - These are my personal views. - If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading! Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing. Thanks & Regards, Anubrata Ray
NSE:SONATSOFTWLong
by SuperNova396
NIFTY PREDICTIONS.... BEARISH OUTLOOK FOR DECEMBER 2024. I'll try explaining my Nifty chart analysis through Elliot waves. Nifty, again, is likely correcting in a 5-wave pattern. After reaching an ATH of 24274, Nifty's downside waves/correction started towards the end of September. Wave (1) moved in a 5-wave pattern and ended around 24700, as marked in the chart. Wave (2) had a zig-zag pattern and ended around 25200. Wave (3) also had a 5-wave pattern, falling 1.23 times wave 1 to end around 23300 levels. Wave (4)- Nifty is currently in this wave, which is probably in a zig-zag pattern. Wave (4), as usual, notoriously has violent moves on either side, giving challenges to traders. Probable levels of termination of wave (4) are 24800 {0.5 of waves (1-3)}and 25150 {0.618 of waves (1-3). Wave (5) - Assuming wave (4) termination around 25150, we can expect a big correction in Nifty to 22700 levels. This wave (5) alone can cause approximately 10% fall in Nifty. Remember, THE MARKET IS ALWAYS RIGHT. Trade with appropriate stoploss.
NSE:NIFTYShort
by Stock-Holmes
1
MARICO - Breakout & Retest Setup!Overview & Observation: 1. 70% Fib support zone. 2. Good volume support 3. Breakout & Retest done. Trade Plan: 1. Eyeing 20% upside with 10% SL 2. RRR is okay, not great! - Stay tuned for further insights, updates and trade safely! - If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading! Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing. Thanks & Regards, Anubrata Ray
NSE:MARICOLong
by SuperNova396
3
IT SECTOR OVERVIEW: Super Bullish!Observation & Overview: 1. The IT Index was beaten down in late 2022. 2. After 2023 it formed a bottom and prices started gaining strength. 3. 2024 price started forming Higher Highs & Higher Lows, touched the previous 2022 ATH and currently, taking support from the 50% of the swing and also bouncing from a D tf demand. 4. It is acting as a major support zone and good weekly candle rejection can be noticed. 5. Signs of buyers getting dominant and it should break the ATH soon. 6. I'm expecting a minimum 15% ROI from this sector turnaround. 7. Hopefully, with sector rotation this sector is going to gain momentum eventually. - Stay tuned for further insights, updates and trade safely! - If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading! Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing. Thanks & Regards, Anubrata Ray
NSE:CNXITLong
by SuperNova396
Time Analysis - Elliott Wave combinationSWAN ENERGY LTD is in impulse now. In the daily chart of SWAN ENERGY LTD, Flat Correction is getting over and the price is entering in impulse now. This can be said if we combine Time analysis with Elliott wave counting. The detailed counting of this Flat Correction can be seen in the chart above. The 0-B trendline is broken in half time of wave C time. (We can see wave C took 59 bars to form and after that, the price breaks above the 0-B trendline in just 30 bars) According to the rule, the Flat Correction is over and the price is in impulse now. The price will go to 127% for sure here, which gives us a price level of 875.45. This analysis is based on Elliott Wave theory and Fibonacci with time analysis. This analysis is for educational purposes only.
NSE:SWANENERGY
by theprofityogi
Indus Towers Technical Analysis: Fibonacci Support and BreakoutThe chart of **Indus Towers Ltd.** using Fibonacci retracement levels, trendlines, and RSI (Relative Strength Index). Here's a detailed breakdown: ### Observations: #### 1. **Fibonacci Retracement Levels**: - Key levels drawn: **0.236 (₹426.50), 0.382 (₹405.25), 0.5 (₹388.05), 0.618 (₹370.85), and 0.786 (₹346.40)**. - The price has retraced significantly from the recent high and is hovering around the **0.786 retracement level (₹346.40)**, indicating a potential **support zone**. #### 2. **Trendline and Breakout**: - The chart shows a **downward trendline** connecting lower highs. - A breakout above this trendline is evident, followed by a **retest of the breakout zone**, aligning with the Fibonacci support around ₹346.40. #### 3. **Touches and Reversal Points**: - Multiple resistance touches (labeled "Touch") at the upper trendline before the breakout. - After the breakout, there was a retracement, suggesting a **possible higher low** if the price holds above the ₹346 level. #### 4. **RSI Indicator**: - The RSI (Relative Strength Index) is near **55.91**, which is neither overbought nor oversold, but it indicates **neutral to slightly bullish momentum**. - RSI is approaching the midline, suggesting potential upward momentum if it sustains above the 50 level. --- ### **Key Levels to Watch**: 1. **Support Zone**: - ₹346.40 (Fibonacci 0.786 level). - Below this, ₹315.20 (Fibonacci 1.0 level) acts as the next major support. 2. **Resistance Zone**: - ₹370.85 (Fibonacci 0.618 level) and ₹388.05 (Fibonacci 0.5 level) are immediate resistances. - Breaking above ₹388 could indicate a resumption of the bullish trend. --- ### **Conclusion**: - **Bullish Scenario**: If the price holds above ₹346 and breaks ₹370, it could rally to ₹388 or higher. - **Bearish Scenario**: A break below ₹346 might push the price towards ₹315 or lower. - Keep an eye on the RSI; a move above 60 could strengthen the bullish case. Would you like further insights or trading strategies based on this analysis?
NSE:INDUSTOWER
by AnkurDasTrader
Is correction over in MCX?In the 75-minute chart in MCX, we can see that flat correction is going to be finished. This can be expected as the 0-B trend line breaks in less than half a time. (See that the lowest point from the trend line is formed in 25 candles, and the trend line is broken in 10 candles.) This is the primary indication of the end of correction. A risky buying opportunity exists at the current market price. The stop loss for this will be below the end of wave C, i.e., below the 5820 level. This is not a buying recommendation. Please always do your own research before you take any trade. This analysis is based on Elliott wave theory and Fibonacci. This analysis is for educational purposes only.
NSE:MCXLong
by theprofityogi
Classic Double Correction PatternThis is a classic example of Double correction (Double three) in HDFCLIFE. Marked in the first box, we can see Flat Correction where wave B is retraced to the 81% level. We are fulfilling the minimum requirement (61.8%) of wave B. Here in wave C, we see three waves. This is the first hint of an upcoming complex correction. The whole wave is marked as W here. In the second box, there is a perfect Zig-zag pattern. Wave B is retraced to 50% here. Also, we can see three waves in wave C, which gives us wave Y. These two waves are connected by wave X which is retraced to 111%. This is the best example of Double correction. This analysis is for educational purposes only. This analysis is based on Elliott Wave theory and Fibonacci analysis.
NSE:HDFCLIFEEducation
by theprofityogi
1
Update latest gold price today !Hello everyone! Gold has been in a steady decline since the start of the week, currently sitting at 2561, with strong indications that this downtrend may persist. The key 2550 level is still fiercely contested, keeping traders on edge. The market remains clouded with apprehension, especially with recent developments in the U.S. following Donald Trump's election as president. This lingering uncertainty may continue to weigh heavily on gold. At the moment, all attention is focused on the upcoming October Producer Price Index (PPI) report in the U.S. Analysts are forecasting a year-over-year increase of 2.3% for October, a notable jump from September's 1.8%. If both the CPI and PPI show further inflationary pressure, the Federal Reserve could be pushed to raise interest rates, which could apply even more pressure on gold prices. A stronger U.S. dollar would make gold trading and holding costs more expensive, potentially intensifying the sell-off. Technically speaking, the battle at 2550 is far from over, and there’s a strong likelihood of a brief pullback before continuing the downward trend. This could mean a possible retest of the 2600-2580 resistance zone before resuming its decline. Chart patterns suggest that if the correction unfolds as anticipated—possibly in line with an Elliott wave impulse—the target could be around 2485, a drop of over 1000 pips from the resistance level. Stay tuned for more developments as this situation unfolds!
OANDA:XAUUSDShort
by Bo-Samson
2