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Neo Wave

Triple Correction WXYXZ in Infosys# Elliot corrective pattern called Triple Correction WXYXZ. Charecteristics: 1)It is a combination of 3 correction.(Flat 3-3-5,Zigzag 5-3-5,triangle 3-3-3-3-3) 2)Each correction is connected by a counter trending wave x(also takes a form an elliot correction).This wave X is sideways movement there by not correcting significantly prior movement. 3)This three correction can either be flat,zigzag and triangle or a combination of either. As per Elliot generally after triple correction market gives an impulsive move. Over here we are seeing combination of two zigzag(5-3-5) in the Primary wave W and wave Y and third correction is yet to be formed,this third correction can either take form of zigzag(5-3-5) or a triangle(3-3-3-3-3) to complete entire WXYXZ pattern on primary degree Reason behind naming entire movement as an corrective pattern and not an impulse. 1)There's no significant corrective price movement retracing prior up movement by 38.2-50%.Generally after an 5 wave up move one impulsive cycle complete's following which we see deeper correction in prices (atleast 38.2-50% of prior 5 wave impulsive cycle). 2)After every 5 wave impulsive move following correction is only retracing prices by 23% of prior up move there by not following price alternation rule of Elliot wave 2 & wave 4. Reason behind naming current movement WXYXZ triple correction and not WXY double correction. 1)If this was a double correction then post wave Y on primary degree we would have seen impulsive move unfolding on the down side.The sideways movement is indicating that we might be seeing wave Z on the upside in future. Analysis: Wave degrees: Primary :Blue Intermediate:White Minor:Purple for impulse and yellow for correction. Current count Primary:second wave X Intermediate:leg F of diametric pattern(Not labelled) So far it seems like we have completed WXY wave on primary degree, and second connecting wave X is going on.Both the wave X has taken a form of diametric pattern(7 leg corrective pattern) hence currently we are in the 6th leg of second wave X,a drop in the form of 7th leg can come in near future as prices are approaching ATH levels post which we will third correction Z on the upside giving us a target of 2800+. Ideal time for investment as per this count is to wait for a dip towards 1680-1700 zone which would complete 7th leg of wave X post which we could see reversal. Disclaimer:I am posting this analysis for my future reference,positions should be build or exited on the basis of this analysis.
NSE:INFY
by UNDERDOG-29
11
Nifty:possible Neo wave scenario's for short term moves.Letter in green:highest degree Letter in yellow:lower degree then in green Letter in white:lower degree then in yellow Letter in blue:lower degree then in white. !st scenario:Neutral triangle As per neutral triangle wave B(yellow),we are in wave c(green),sub-wave b(yellow),sub-wave e(white),sub-wave g(blue). Minimum target for wave g in blue is coming at 17300,which is not far from current levels hence long's should be protected with stop-losses as post wave g(green) we can see wave c(yellow) unfolding on the down side taking price to 16400-16200 levels.One should look for following things to enter on the short side 1)Price rejection near upper channel line 2)reversal candle near upper channel line 3)price breaking reversal candle low's and 9 day ema in the following candle 4)Overbought momentum indicator readings. Stop-loss can be highest pivot high that is ragistered once above criteria are matched. Disclaimer:This are my personal views on index and no position should be build or exited on its basis.I am posting this just for my future reference.
NSE:NIFTYShort
by UNDERDOG-29
7
Bajaj Finance Neo wave countswe might be ending wave D of neutral triangle in bajaj finance as it seems like wave d took form of a regular flat and target of 100% extention of sub-wave A for sub-wave C is coming at 6457.We also have channel support near those levels along with wave B price action zone starting at 6477 and price touching 6477 level would ful-fill wave D criteria of Neutral triangle. I am not including momentum indicator as it wud be oversold only.Although shown trendline is not B-D trendline but can be considered as significant trend line as we had 4 touch points and going ahead we can see it providing rasistance for wave E bounce. As of now if we get reversal candle followed by a close above reversal candle's high then we can go long for wave E bounce with the reversal candle low as our stop-loss and expect 5-6% of move on the upside unfolding in the form of wave E. Analysis provided here doesnt state that one should go long straight away rather one should wait for price action to confirm end of wave D. I will update this idea once we get trade setup for long trade. Disclamer:This are just my views and i am publishing this for my future reference.
NSE:BAJFINANCE
by UNDERDOG-29
5
Bajaj Finance Neo wave countPost covid we are seeing Bajaj Finance going up forming double correction WXY on primary degree.Currently we are done with wave W(Zigzag correction) followed by wave X(A expanded flat) and right now we are in the making of neutral triangle pattern of which wave A,B,C are done wave D is going on which can take prices to 6350 levels,post which we can see bounce in the form wave E which would be last leg of second correction wave Y on primary degree.This second correction has taken a form of neutral triangle in which wave C is longest wave and wave D enter's wave B's territory there by making head & shoulder top pattern. Long trades should be closed and one can even go short at cmp of 6807 with a closing stop-loss of 7050(today's high)on closing basis for a target of 6350 on the down side. PS:If we get bounce from 6350 levels and considering wave E not registering new high (as per neutral triangle pattern rule),we would be making inverse cup and handle pattern,neckline level for which would be wave E low(most probably 6350) giving us ultimate target of 4646. Disclaimer:This are just my views no positions should be build or exited on it's basis,i am posting this analysis just for my future reference.
NSE:BAJFINANCEShort
by UNDERDOG-29
30
Tata Motors:End of an ImpulseAfter giving fake breakout we have seen price has reversed sharply there by breaking prior swing low in lesser time then prior swing high took to form giving us a double confirmation of trendline breach along with faster retracement.Meaning a significant top has been formed in the stock for atleast next 6 months and It seems like tata motors has ended it's 5 wave impulsive move on the upside on primary degree, when it closed below 485 on 26-11-2021,meaning current correction can take prices to primary wave 4 low's coming at 288-290 levels.Any one entering stock around wave 4 bottom and carrying In the money Long position should protect there profit by keeping a stop-loss as per there risk apetite.Ideally one should exit longs at current levels itself but still for someone with higher risk apetite 435 can be a good level that can act as support and should be kept as stop-loss. Now going ahead on hourly chart it seems like it is making diametric corrective pattern which can take prices between 406-380 levels.Following this we will have upmove in the form of wave X,once wave X is done we can expect another correction unfolding taking prices to sub 300 levels,but as of now 406-380 is price target for the on going correction.As of now it seems like we are done with wave A,B,C and D and currently wave E is going on.One can initiate short trade @ cmp of 458 with a stop of wave D high @ 478 for a target of 418 on the downside. Stop-loss should be trailed everyday to previous day's high on closing basis once trade is in the money from cmp. Disclaimer:This analysis should not be used for creating or exiting new or old position respectively,i am publishing this just for my future reference.
NSE:TMPVShort
by UNDERDOG-29
18