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With Indian IT sector looking strong, there are a few potential opportunities . HCLTECH is one. This seems to have formed a triangle within a triangle , where wave e itself is a triangle.

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With Indian IT sector looking strong, there are a few potential opportunities . HCLTECH was posted earlier TECHM is another one. Look for new highs while the support holds

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DRreddy looks in good company with all Pharma heading up. A break out of this triangle is a good opportunity to catch an upmove

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Banknifty has completed a ABC zigzag into the 50% retracement of the Sep fall. This direction now will be down with a stop above yesterdays high

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The past few days of price action in #silver is part of the larger upward correction and now looks like the last part of Wave c (circle) of X is completing. This should have already ended or will end with a quick peek below the yesterday's low. We should be then headed upward in Wave Z to complete the upward correction TVC:SILVER

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#Gold seems to be breaking out of a small timeframe cup and handle

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Silver could be ready to breakout on the upside from the sideways consolidation, this is the most likely scenario as it has taken a sideways triangle over the last few days. Looking for Wave C up now if the key support holds

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Adani Ent peaking above the Rectangle consolidation, a break of today's high will be a good entry point to target a 3X reward on the Risk

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Bharatforg seems to have traced out a 3-3-5 ZigZag and looks set for a rally. A good entry is to ente on break of the channel with stop at the risk level indicated

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#CRUDEOIL should head down below recent lows in wave C as part of the correction following the break out from the ending diagonal .

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As per the immediate previous update please find the updated medium term wave count.

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While I expected a wave B correction over the last few days, it seemed to be more of a triangle Wave 4 structure. What this means is that we are now looking at a 5 wave upmove. So the move down since the Aug end high is most likely A_B_C correction. WE should expect further upside post a wave 2 correction. Reliance should be a key contributor to the next upside leg

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We can expect an upside, the sideways move may have been completed with a Wave B triangle. Expect an upside to resolve out of this

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Dow may have completed its correction from the Mar lows in a W_X_Y pattern. Bearish below the trendline

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$BANKNIFTY rallied as per previous update and still in the correction that is Wave 2. This should continue for a few more days and then head down in a precipitous fall. Brace for the fall. Time to take a break before the panic resumes

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Nifty has rallied upto the 0.618 level also coinciding with the prev wave 4. This means the minimum price targets for the correction is done. However the time seems to have been too soon, What I expect is a sideways to downward movement before a wave C completes the correction. ( wave nos corrected above) Long term - headed down

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Silver has moved up as suggested in the earlier post. However the 2nd upward swing from the low seems more like a C wave of a ZigZag than a 3rd wave. Unless there is immediate move above the channel line we are headed lower in the near future.

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The above Elliotwave interpretation of Banknifty's nearly 5000 point fall in less than a month sports a clear 5 wave structure. This seems to have ended and we could see a corrective rally into the next week. Any rally should be a setup for getting into short positions We should consider that the 5000 point fall - nearly 20% in less than a month. That is now...