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Neo Wave

NIFTY:Triangle formation,Long setup for wave E moveSeems like NIFTY is making either triangle or diametric pattern. So far we are in wave D of triangle or diametric pattern and we have seen range getting squeezed in each leg(a typical symmetrical triangle characteristics). Going ahead we can see wave E unfolding on the the upside post which we can finalize if the pattern is triangle or diametric depending upon wave E's magnitude. Ideally for Symmetrical Triangle wave B low's of 16833 should be breached in this on going fall.On the upside if price crosses 17400 and gives close above it,then it would confirm end of wave D. On 25th Jan we did show nifty bouncing from 16836 low's and hence that low can act as a stop-loss for long's.As today we have seen gap down one should wait for hourly close above today's high for initiating long position which is coming at 17073.This is for digressive traders. For safe bet,one should wait for 17400 to broken on the upside. Risk-reward is only 1:1.4 but if index manages to cross 17400 then it can move up till 18000 levels,which would then improve RR ratio,hence sizing at should be done accordingly. View negated if 16833 is broken. Disclaimer:This are just my views on nifty no position should be build or exited on its basis.
NSE:NIFTYLong
by UNDERDOG-29
Bank Nifty:Elliot wave + Time cycle.Attaching 30 mins chart of Bank Nifty. It seems like Bank nifty is following 21 candles cycle on 30 minutes chart as it has captured most of the low's formed since 30-12-2021 (12:15 P.M. on wards).As per this cycle next low is due at 1.45 P.M. today. On wave front,i think it is either making a diametric pattern or an triangle,as wave B took less time then wave A in the labels shown from 25-01-2022 9:15 A.M. on wards. Scenario-1)Diametric As per diametric patterns guidelines, wave E target is coming at 39350.(Few days back we also had a algo trade in bank nifty printing 39300 high).A rejection at 39300-350 level along with faster retracement of previous swing low would validate end of wave E of diametric pattern. Scenario-2)Triangle As per triangle pattern,wave E could be the last raising move post which we can see decent down move,which can take prices again back to 38500 levels and even beyond.As 38840 is a previous price action zone acting as rasistance ,for entire rise to be an triangle wave E can end at around same levels(so far we have done high of 38800 and have pulled back)but the internal structure is not yet complete hence one more push towards 38800 cant be ruled out.A rejection again at 38800 along with faster retracement of previous swing low level would validate triangle scenario. Personally i am preferring scenario 1,as today on the back of event prices can show unexpected moves.Hence i would wait short trade setup at or around 39350 level for riding wave F of diametric pattern target for which is coming at 38500 Disclaimer:This are just my views,no position should be build or exited on its basis.Posting this just for my future reference.
NSE:BANKNIFTYShort
by UNDERDOG-29
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
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