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CNX AUTO-End of Triple correction WXYXZTime to be cautious on AUTO sector,we have seen a significant corrective rise since covid low's on CNX AUTO INDEX in the form of triple correction WXYXZ,with wave W taking a form of bow-tie diametric pattern,wave Y being a zigzag, and wave Z being a flat correction.Post this we can see impulsive move unfolding on the downside retracing entire WXYXZ pattern by 50%(8325) Look at the angle of ascent,it keeps decreasing with each correction being unfolded on the up side meaning momentum is fading with each higher high's. Long position should be protected with a closing stop of 11000 on CNX AUTO index as move below 11000 would confirm the completion of the pattern.Hence short selling can be done on the breach of 11000 with a stop of 12000 and target of 8325. Individual stock's in AUTO sector should be studied separately but analysis should be correlated with CNX AUTO charts in order to get confirmation. Disclaimer:This analysis is for my future reference no position should be build or exited solely on it's basis.
NSE:CNXAUTOShort
by UNDERDOG-29
CNX AUTO: Neo wave countseems like CNX AUTO is making triple correction WXYXZ from covid low's. Triple Correction form: wave W =Diametric wave Y =Zigzag wave Z =Flat Current count: Right now as per this labeling we are wave Z(third correction) of which wave A is done and wave has taken a form of diametric correction.With in this wave B diametric we are in wave G meaning wave C is yet to be formed,considering wave Z as a flat correction we will be seeing an impulse or terminal impulse formation in coming days once prices breaks 10470 on the upside in tomorrow's trading session which would mark the end of wave G and start of wave C of higher degree.If we fail to surpass 10470 in tomorrow's trading session then it wud mean wave G is still in action and price can again re-test previous swing low of 9720.Bear in mind we are yet to have wave C on the upside,hence until we dont see faster retracement in price to prior swing low's(9720), any fall near to 9720 is buying opportunity provided other trade setup criteria of reversal candle and follow through in next session along with momentum divergence is seen. 1:1 extention target for wave C is coming @ 11000.
NSE:CNXAUTO
by UNDERDOG-29
The price can be fall in downward by using EW, NIFTY 50.Do you ready for correction in NIFTY 50? The Wave (iii) almost moved into the "Ride Extended" wave. The price expecting correction(fall) very shortly after completing wave(iii). In the Corrective-Phase, you have 3 patterns: 1. Flat, 2. Zigzag and, 3. Triangle. I've applied here "( CHANNELLING )" which is one of the techniques to determine the upcoming direction of the trend: 1. Target Price: 17338 2. Target Price: 17174 For more confirmation, the retracement is useful here to decide wave (iv). Within a few hours, I will update RETRACEMENT on this post. I don't suggest trading without understand the " Wave counting trade setups ". ------- My Previous post was Successfully predicted as usual : -------- Thank you.
NSE:NIFTYShort
by Trade-Technique
29
IMPULSE 3 OR ZIGZAG C.GET LONGLOOKS LIKE PRIVATE BANKS IS THE PLACE TO PARK YOUR MONEY IN!!!! HDFC BANK @ CMP 1490 IS LOOKING GOOD FOR LONGS WITH 1465 CLOSING SL AND TGT OF 1600 AND BEYOND(DEPENDING UPON THE NATURE OF PATTERN PRICES ADAPTS) REST EVERYTHING IS SHOWN IN CHARTS. TRADE WITH PROPER RISK MANAGEMENT AND MONEY MANAGEMENT RULES. PS:bY MISTAKE I HAVE SHOWN SECOND abc IN HIGHER DEGREE.PLEASE IGNORE AS I CANT CHANGE IT ON CHARTS DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading. I may or may not trade this analysis
NSE:HDFCBANKLong
by UNDERDOG-29
3
#BANKNIFTY - Complete 5 - 3 Elliot WaveWhat is Elliott Wave ? Elliott Wave theory is one of the most acknowledged and widely used forms of technical analysis. RN Elliott developed the theory after analyzing nearly 75 years of stock data, and Robert Prechter later popularized it. According to the Wave theory, the market trades in repetitive cycles, which Elliot primarily attributed to the emotions of investors (or the psychology of the masses at the time) as well as outside influences. Why it is appealing? The Elliot Wave theory proves that the upward and downward price swings caused by the collective psychology always reflect the same repetitive patterns. Elliot observed that all financial markets move in a zigzag formation, which he termed Wave cycles. With this theory, Elliot was able to analyze markets in greater depth by identifying the specific characteristics of wave patterns and was able to make detailed market predictions based on these patterns. This is what makes the Elliott Wave theory so appealing to traders as it provides them with a method to spot precise price points where the market is likely to reverse. In simpler words, Elliott came up with a system that enables traders to catch tops and bottoms. Basic Principals of the Theory The Elliott Wave theory states that the market is fractal in nature i.e. it forms the same patterns that are observed on larger degree charts on smaller timeframe as well, and that it can be used to predict future price movement. The theory states that it does not depend on the timeframe one analyzes as a similar price pattern is observed across all time frames. The theory claims that that market action among the participants produces wave patterns and trends, defined by Elliott as the physical sign of mass psychology. The complete cycle of the Elliot Wave development consists of eight waves that make up two phases: An impulse wave sub-divided into five waves and, A corrective wave sub-divided into three waves Price movement According to the theory, price movement in the direction of the main trend is defined as the impulse or motive phase, which unfolds in five waves. Three of those waves (1, 3, and 5) move in the direction of the underlying trend, while the two intervening waves (2 and 4) act as counter-trends or minor retracements within the phase. Wave 5’s up move is followed by a correction 3, which traders usually label as A, B, and C. The 5-3 wave pattern can be seen across all timeframes. The corrective phase consists of two waves (A and C) that move in the opposite direction of the motive phase, and an intervening retracement wave (B) that moves in the same direction of the motive phase. The 5-3 wave pattern establishes a complete Elliot wave cycle. The theory tends to get more complicated as more degrees of waves get added. The key to using the Elliot wave successfully lies in counting the waves correctly and identifying the wave in which the market is currently trading in. Rules of Elliot Wave Theory There are three main rules to the Elliot Wave theory that analysts must know. These rules apply only to the impulse phase First rule: Wave 2 cannot retrace more than 100% of Wave 1 i.e Low of wave 2 must not touch or break wave 1's Low. Second rule: Wave 3 cannot be the shortest among waves 1, 3, and 5 Third rule: Waves 1 and Wave 4 must not overlap i.e Wave 4's bottom must not break the high of wave 1. Guidelines There are numerous guidelines to this theory, but we will take a look at the most prominent ones. Unlike the three cardinal rules, these guidelines can be broken. They are: Guideline 1: When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1 as shown in the figure above by highlighting about 8000pts. Guideline 2: The forms for Wave 2 and Wave 4 will alternate. If Wave 2 is a sharp correction, then Wave 4 will be a flat correction . If Wave 2 is flat, then Wave 4 will be sharp . Guideline 3: Sometimes, Wave 5 does not move beyond the end of Wave 3. This is known as truncation. Guideline 4: After a 5-wave impulse advance, corrections (a-b-c) usually end in the area of prior Wave 4 low i.e may be near 30000 Guideline 5: Wave 3 tends to be very long, sharp , and extended. Guideline 6: Waves 2 and 4 frequently bounce off Fibonacci retracement levels.
NSE:BANKNIFTY
by kiranrshinde
21
ENDING DIAGIONAL .SILVER IN INFALATION The Ending Diagonal is a pattern the occurs when the preceding move as Elliott puts it has gone „to far too fast“. This pattern is mostly found in the fifth wave, at the end of an impulse. It can also happen as a final Wave C in a ABC-Correction. Rules: • Wedge shape with contracting trendlines • Wave 4 overlaps with Wave 1, but does not go beyond the start of wave 2 • Wave 1 is the longest wave and wave 3 can’t be shorter than wave 5 • Structure is normally 3-3-3-3-3, each waves subdivides into a ZigZag a-b-c or w-x-y It is also accompanied by divergences in RSI or MACD indicator. Ending Diagonal ❗ Watch out, often the fifth wave of the Ending Diagonal makes a fake breakout above the wedge forming trendlines. ➔ Because Ending Diagonals only occur at the end of a move, the following trend change and new direction of price action leads to great trade opportunities.
MCX:SILVERN2021Short
by thetradinganimal
Beginning of wave c or wave 3 of an impulse.get longInfy has retraced upto 61.8% of leading dagonal wave 1 or wave A of an Zigzag or an new impulse.Today's low as of now is 1332 and 61.8% retracement level of wave A/1 is @ 1325 along multiple price support.If this is a start of wave C than price can go upto 1472(.618 extention of wave A/1-1566 1.1 extention of wave A/1)or till 1718 in case of wave 3 of an impulse.Get long @ cmp of 1358 with a stop loss of 1320 and tgt of 1472-1556-1718. DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading. I may or may not trade this analysis
NSE:INFYLong
by UNDERDOG-29
6