Fibonacci Retracement
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.
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.
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.
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!
Adani Enterprises: 100 pts long trade.First of all Happy Deepavali to Everyone. Wish everyone a happy trading year.
* Previous ICICI Bank trade worked out very well achieving all its targets. Still following the trend channel.
* Adani enterprise after taking A strong support from 2700 level on the way to retest its swing high 3100 - 3200.
* Presently trading on fib retracement zone of 0.5 to 0.6 at 2950 level.
*Trade levels for the trade
Target levels: 3100-3200 (if resistance breaks, can take more risk)
Stop loss: 2900
Risk/Reward ratio: 1:2
can we see a bull run in crudeoil toward 6400 ???as wee can see the charts previously do support at boxx pattern and three time it tried to break it and it did break but at the same time it do follw the trend line -came from 6489 to 5383 (drawed in chart) no if we see the fibonacci suprt zone (marked as pink box) -there is possible chances of bull run from that point to wards 6400 . it sure will break the trend line ,,,
KOTAKBANK good to buy or wait for further correction?As we can see in the daily chart of KOTAKBANK, wave C of Flat Correction has reached 100% extension (which fulfills the rule of equality). The previous impulse also has a 50% retracement level around the same point, giving us a perfect cluster.
Now, can we directly buy around this level?
The answer is simple.
Suppose the recent low,1735, is broken, and the stock starts to trade below this. In that case, the further level of wave C of Flat Correction will be opened, and the stock may further fall to 127.20% extension, where the 61.8% level of the previous impulse is also present, giving us another cluster. We can initiate buying at this point which is around 1695.
Risky traders may start buying at the CMP with SL of recent low.
This analysis is for educational purposes only.
Always do your own analysis before doing any trade.
Nifty small upmove possibleNIFTY has clear indication now that wave c of wave B is under formation.
The recent down move has not touched 127% level, so this down move was clearly wave b of wave B.
Now if we use fib extension for target of wave c of wave B, we get cluster around 25422 and 25416 level, where 161.8% extension of wave c and 50% retracement of bigger wave A (which is the maximum target of wave B of Zig-zag).
So we have good buying opportunity here with stoploss below 24545 and target of 25420.
Low risk buying in RELIANCEA low-risk high probability buying setup is forming in RELIANCE.
Price is taking support at the cluster of 38.2% retracement, 100% extension of Flat correction, and trendline in red.
If the price enters and sustains in the blue channel, showing bullish pressure, it will provide a good buying opportunity with a stop loss below the recent low.
Breakout in TRIGYN May elevate Bullish MomentumToday, TRIGYN Technologies experienced a notable breakout above its established trendline, resulting in a gain of over 10% across two subsequent trading hours. This positive price movement indicates a potential shift in investor sentiment and market dynamics surrounding the stock.
A detailed examination of price action reveals that the stock has established HH and HL in its uptrend. Notably, the price has found substantial support near the 50% Fibonacci retracement level, demonstrating resilience during correction phases. Today's closing price has surpassed the 61.8% Fibonacci retracement level, further reinforcing the bullish outlook for TRIGYN .
The technical indicators support a continuation of the upward trend. The RSI has shown positive momentum and is positioned favourably. Additionally, the MACD indicator has recently experienced a bullish crossover on both the daily and weekly timeframes, which is often viewed as a strong signal for potential upward price activity. Furthermore, the positive momentum indicated by the histogram suggests a strengthening bullish trend, enhancing the case for a trend reversal.
Based on the current analysis, TRIGYN presents opportunities for investors, with a potential price target identified at ₹152 . This target is consistent with the observed bullish trends and can be considered as a strategic exit point for gains.
Disclaimer: The information provided in this technical analysis report is intended for informational and educational purposes only and should not be interpreted as financial advice. All investors are encouraged to conduct their own research and due diligence before making any investment decisions.
Morepen Lab - Bullish Flag and Fibonacci RetracementMorepen Lab has formed a bullish flag pattern, and today it has successfully broken out.
The price has retested the Fibonacci level at 38, where it formed a bullish piercing pattern, signaling potential upside momentum.
Price take support of 50 period EMA.
Additionally, this level coincides with a significant demand zone on the chart, suggesting strong buying interest. Keep an eye on this stock for further upward movement
Reliance - The Elephant can Turn EverythingReliance has been in a impulse since March 2023 from lows of 1979.15 to 2630.95 was size of Wave 1 & it retrace exactly 0.618% in wave 2 as marked in chart.
Wave 3 starting from 2220.30 to 3024.90 was equal to Wave 1 in size or slightly bigger than wave 1 & Wave 4 did retrace exactly 0.382% as shown in chart.
Wave 5 is exactly inverse 1.618 of Wave 4 fall.
This entire Impulsive structure is a good example to study wave structure & understand fibonacci relations between Elliott waves & how a impulsive wave follows a trend channel.
So is the Fall Over ?
Ideally it has pulled back to previous degree Wave 4 which could be a good demand zone & A equals to C has also been achieved but daily positive close is first sign of bottom & we may see at least 3 Waves bounce or a new Impulse starting on upside & this could mean the Elephant could turn the market sentiment positive.
Nifty 50-October 2024 viewI feel it is time to be little cautious.
Post 4th June(the election results day), we have seen a good rally in market from 21300 to 26250 today which is almost 25% and that too without a significant pull back or correction.
The rally since past couple of weeks is mainly due to large caps.
There is no reason to be extremely bearish but as per fib retracement, we are near golden ratio of 61.8%.
We might see a pullback or consolidation here before next move towards 27000+ levels.
Important levels to look at is 26000 below which we should expect 25800, 25500 and 25350.
Midsmall caps might see a bigger pullback than Nifty hence follow risk management in your swing positions. Nifty metal is looking quite bullish and is sector to keep in watchlist.
Please note that I am not expecting a crash or big correction and hence please don't overreact and do panic selling.
61.8% Fib bullish reversal with Volumes on WeeklyNSE:HINDZINC The stock started a bullish reversal from its 0.618 Fibonacci retracement level. RSI is also supportive. A sustained move beyond 546 would lead to a strong up move shortly.
Above the 546 level trade will activate with a target of 680 and StopLoss 475
Check out my other stock ideas below until this trade gets activated, I would love your feedback.
Disclaimer: This analysis is intended solely for informational and educational purposes and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.