As per Elliott we are in wave 3 of one lesser degree. This wave 3 scenario is supported by Ichimoku 5 line analysis i.e SSA/SSB (cloud) up, Tenkan sen + Kijunsen pointing up , Chikou span is free.
The pair shows a 12 bar Taito Suchi time cycle which points towards Henkabi on 10/march.
Since 1E target (which is also 1.618 Elliott wave target) is already achieved...
levels mentioned in the chart...
MARKET TO DAY
India's stock markets surged yesterday in extended session after trading was halted for about four hours on NSE due to a technical glitch.
Banking stocks led the gains with Nifty Bank index surging nearly 4%. HDFC Bank and Axis Bank surged over 5%.
After going through the chart if can be depicted that the correction is over and it may start an upward journey again.
In the chart a 'W' pattern can form, lets see if the analysis goes correct or not. If i am correct then we may see the price in uptrend.
If the next candle closes above 488 then go long with stop loss of 465.
I have been predicting the Trend change timings of NIFTY on a daily basis . Here is the trend change up to EXPIRY 27th August 2020.
Please note there is a sudden change drastic change expected on 12.11 on 27th August please be careful and book profits or trail Stop loss accordingly.
8/25/2020 0:00 10:03
8/25/2020 0:00 10:14
HINDUSTAN PETROL: 1 HR TF
1 HR TREND HAS TO CHANGE TO BUY TREND. NOW ITS UNDER RETRACEMENT . WHEN TREND REVERSL HAPPEN IN LOWER TF.
ENTER THE TRADE.
STOP LOSS: WHEN TREND REVERSAL HAPPEN BASED ON THAT WE PLACE THE STOP LOSS.
Current position is BUY bought on August-4-2020 at 10987
Action for 10th August 2020: Continue to hold Long and reverse to short if NIFTY closes below 11162
Profit as of now 242 points
Since there was no good response from lot of people on their usage of these numbers , I am assuming...
Intra-day Trend Change timings for 5th August 2020. 9:44,11:26,11:53,13:27,13:36,14:02
All these are NIFTY AUGUST Future levels .
We are currently in Positional BUY and reverse to SELL below 11037.
Buy above 11161
Buy Levels 11208.39 11255.70 11293.95 11332.19 11386.64 11419.69 11532.48 11656.28
Sell Below 11103
INDUS BANK IND IN TREND CHANNEL TOUCHED ITS TOP CHANNEL RESISTANCE STILL ANOTHER RESISTANCE MORE TO TOUCH TO GET PERFECT REVERSAL FOR SHORT ....ANALYSE THEN TRADE.
FIND THE REVERSAL CONFIRMATION THROUGH CANDLE AND USE OF INDICATORS ANDGO FOR SHORT AFTER CONFIRMING .
Tail doesn't always mean that the price will reverse.If the second candle is long down from the tail it means that price will move down.
The less time price spends at a certain price level, the more effective that price level will be in providing support or resistance for future price...
sell around 21672 .76 sl 21782.56 target 21619 - 21583 - 21546- 21509
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