Why we have seen 646 (13777-13131=646) points down move in Nifty in a single day. The reason was, from 12730 market moved to 13777 which was 61.8% in fib level for 3rd wave. Since 2nd wave was flat, the 4th wave was impulsive. So we have touched 61.8% and bounced back for 5th wave move.
what happens to 3rd wave, if 1st wave gets extended. You have to learn...
EW proves that we will be seeing the breakout or breakdown with in few days.
A triangle is a sideways movement that is associated with decreasing volume and volatility. Triangles have 5 sides and each side is subdivided in 3 waves hence forming 3-3-3-3-3 structure. There are 4 types of triangles in Elliott Wave Theory: Ascending, descending,...
You can also learn and get confident from my backtest chart with proof. Refer the chart for the same.
The above chart illustrate what is Regular flat correction. 3*3*5 structure.
• A corrective 3 waves move labelled as ABC
• Subdivision of wave A and B is in 3 waves
• Subdivision of wave C is in 5 waves impulse / diagonal
• Subdivision of wave A...
It seems market completed it's short term 3rd wave which is at 161.8%.
From there market started to correct in the name of 4th wave. It looks for target of 15500* level.
Expect a big bounce again from 15500* level to 16500 level. Ofcourse we need patience. 1 or 2 months of time.
Buy on dips is advised.
Go long in ITC. Long in ITC for longer term with this small stop as mentioned in Chart. You don't need any indicator for ITC.
Simply follow the chart and keep stop below 195 on daily closing basis only. If it doesn't close below that then expect 235/240/250/270 then 310/320/350. Just keeping less stop with bigger profit can give you good profit with good...
Nifty at Rising Wedge pattern for short term.
The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.
Overall: This pattern...
Nifty is nearing 61.8% Fib level. So Be caution. Compare my previous chart and take decision.
PS: I am not a certified and SEBI registered analyst. All my postings are only for educational purpose. Please consult with your adviser before your take any investment decision.
check between 23 July 2018 to 27 aug 2018 with same Bollinger Band chart on weekly basis.
Will history repeat this time for a small crash/fall. Please be caution.
Check weekly MACD for more cofirmation too.
I love Nift's long term target. Not only Nifty but also many stocks. I will post all my learnings slowly.
I am not 100% right and I am not certified or registered analyst. Please consult your own adviser before trading and investing.
Thanks and regards,