NeeravYadav

11:14

NeeravYadav

Here is a quick update for Nifty as well as Bank Nifty along with a Elliott Wave counts and the Trading Strategy to follow along for 1st October, 2021. For continues updates like these, share and follow so that I can note your interest.

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Break of trendline can lead to strong sell off as possible Ending Diagonal or Wedge pattern looks complete.

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Looks like we have completed a Leading Diagonal formation for W.(1) and W.(2) also looks complete, hence we can plan to initiate shorts here with the SL above swing high. Strong resistance at 7640 level seems to support the view.

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The move down from the 9930 level seems to be in Double Zig Zag formation with the current progression being in W.b of the second Zig Zag. If this is the count playing out then we should see a minimum 3 legged up move which can take Maruti to 9155-9230 (white resistance zone) . The count will become Invalid if Maruti moves below 8795 and hence the same can be...

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Looks like we are heading down for Wave 2/B giving a low risk shorting opportunity with SL above 131.70. If this plays out Ashok Leyland can see 118-115 levels.

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It looks like the W.4 is complete as a Triangle formation and above the Trigger line this market can go till 594-595 level. Stops below W.(E) low.

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JSW seems to have completed a complex W-X-Y W.2 formation and has broken below the channel line of the W.Y which presents a low risk shorting opportunity here with small SL above the last swing high near 345.30 and possible targets near 293 or lower level.

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Wave 4 Circled in Hindalco looks either complete or continuing as a Triangle, in either case the direction of this market looks Sideways to Bullish with Invalidation of Bullish Count below 192.90

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It looks like HCL is in a Flat A-B-C Correction as shown by the circled counts, within the same it looks we are as of now in the Wave 2 of Wave C of this Flat correction or we have completed the Wave 2 and already started the Wave 3, in either case HCL looks to be a good shorting candidate with SL above 1108.

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In this post I will be discussing 2 Hypo's basically both are suggesting that we have atleast one more up leg remaining before some big downside can be seen. Hypo 1 posted above suggests that we are in an Extended W.(5) which looks to be in it's final stages. Hypo 2 posted below considers W.B/2 as a Running Flat instead of a Triangle and suggests that we may be...

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The move up from 1628 level looks like a corrective W-X-Y correction which suggests that we are seeing an upmove for the retest of the yellow trendline, after the retest if we see a reversal near the same then that would be an ideal shorting opportunity which can take this market down to the levels of 1600 or lower, more precise targets can be predicted once the...

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The move up after the Triangle seems to have completed nicely as an Impulsive structure and hence it seems that the current leg down is for Wave .iv which can take Nifty to 11075 to 11010 levels. Shorts can be held with SL above 11176 which is the current swing high.

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Nifty looks to have completed W.d of the Triangle which means one more leg down for W.e and then Impulse to the upside which should take it higher then the 11080 level. We wait either for W.e completion to go long or a break above the Trigger Line. SL remains below W.c low 10935.

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The 5 legged impulse to the upside looks almost complete and hence should be followed by a corrective decline which can take Reliance to a minimum of 1080 and possibly even lower levels. Stop Loss above last swing high 1140.

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On the Daily chart the Elliott Wave analysis suggest that we have a possible formation of Ending Diagonal for W.C (Circled) of W.y .

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From the current count it seems that Nifty is in a-b-c Flat correction with the current move up being the completion of W.b . If W.b has still more upside remaining then that should remain restricted till the 11123 level, a close above that on daily basis will signify that bulls have taken over and hence this level will serve as both the Invalidation Level for...

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Currently we have 2 Hypos for Tata Steel. Hypo 1 in Red suggests that the Triangle completed at the 586 level (marked by red box) and we have seen a series of nested 1-2-1-2's to the downside from there on. Hypo 2 in Yellow suggests that the W.(E) of the Triangle formed a Triangle in itself which completed near 567 level (marked by Yellow box). In conclusion...

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On this hourly chart of Hindalco W.(A) and W.(C) are exactly equal, also W.2/B completing at the 78.2% retracement suggests that the Zig Zag correction may have completed to the downside and hence a new leg up can be expected from here on with small risk below the current swing low. For further confirmation we need to wait till the market goes above 230 and gives...