Stock-Holmes

Stock-Holmes Updated 

As per Elliot wave analysis, nifty has probably completed minor waves 3 & 4 of intermediate wave (3) of primary wave 3. (Have marked in the chart) Today nifty should complete downward wave 5 (likely to end at support zone 19100 to 19150). Following which the intermediate wave (4) is likely to begin which can rally to 300 to 400 points. Will update as nifty...

Stock-Holmes

That was too much of a rally for wave 4. Shorting for a 1:4.5 risk-reward trade. Target and stop loss are mentioned in the chart. Expecting wave 5 to fall stronger than the up move.

Stock-Holmes

Nifty is currently in the downward wave three correction. We have witnessed two red rays, which are part of wave 5 of the downward wave 3. So, we can witness one more red candle day that can complete wave 5 (of the larger wave 3) on the downside, and then the market should rally up in wave 4. Beware of the major wave 5 correction which is likely to begin in the...

Stock-Holmes

Today we witnessed a bear run resulting in a big red candle in bank nifty. In smaller time frames one can notice the day's low was above yesterday's low level. The last two day's price action can be fit into waves 1 & 2 of the next up trending wave. In that case, we can expect a gap-up/positive opening in our markets (SGX is minus 50 points right now) and a...

Stock-Holmes Updated 

The bull run we are witnessing may be wave 4 of the downward rally in Nifty. In that case, we may expect a collapse from here. Currently nifty is trading close to 18100 which corresponds to 0.618 levels of the downward Elliot wave. This level should be a stiff resistance for nifty. Next week market may open with a gap up and can get sold into. Day closing above...

Stock-Holmes Updated 

I have been mentioning about the iminent sell off in the IT sector in the last few posts. Technically Elliot wave 5 has started in IT stocks. The bull run in the last 2 or 3 weeks has created enough liquidity for institutions to sell their IT stock holdings. Shorting LTTS for a target of 2800.

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We might still be in wave 4 of the Primary Elliot wave. US markets rallied last night, so we may expect a gap-up opening of around 100 points. 17220 - 17270 zone might act as a strong resistance zone (0.5 to 0.618 Fibonacci retracement of wave 3) Quadruple witching refers to a date when stock index futures, stock index options, stock options, and single stock...

Stock-Holmes

Maybe we are at the beginning of a downtrend. Until the pattern unfolds, the best way to trade is to do only intraday without carrying positions overnight. As per this wave counting, wave 3 should fall at least up to 16700 (equal to the length of wave 1). If wave 3 extends, it can go to 16350 (1.23 of wave 1) or 15800 (1.618 of wave 1). I'll be trading...

Stock-Holmes

A downward Elliot is clearly seen. Day 1 (Monday) - we saw wave 1 on the downside Day 2 (Tuesday) - started with the end of wave 1 and wave 2 rallied upside Day 3 (Thursday) - Wave 3 movement on the downside Day 4 (Friday) - Started with the end of wave 3 and wave 4 consolidated Day 5 (Monday) - Wave 5 Expecting a flat opening or a slight gap up opening and...

Stock-Holmes

Studying the Elliot waves in 15 min time frame. Waves 1,2 and 3 of the larger wave 3 are done. Expecting a pullback and consolidating wave 4 for a variable duration before nifty ultimately falls to 17550 and then to 17485 levels. Stoploss- strong closing above 17700.

Stock-Holmes Updated 

After a wonderful short covering rally, nifty is likely to consolidate next week with a negative bias. The trading range would be 17700 and 17400. 17700 stands at 50% Fibonacci retracement of the previous fall and 17400 lies at the support trend line. Strong closing of 30 min candle above 17750 invalidates this view. Happy trading guys.

Stock-Holmes Updated 

Elliot wave analysis. The impulse waves are completed on the downside. Waves 1 and 5 were equal in length, and wave 3 ran 1.68 times wave 1. Today we saw corrective wave B, approximately 0.78 times wave A in nifty, 0.618 times in Finnifty, and 0.5 times in bank nifty. All these waves correlate well with Fibonacci levels. A decent C wave correction can retrace...

Stock-Holmes Updated 

In the Nifty chart, we can see that the Index was rejected multiple times along the trendline drawn and finally managed to give a breakthrough above the trendline. Now, this resistance trendline is likely to act as a support trendline. On Elliot wave analysis, the up move is currently at wave five, and we can expect a correction that will re-test the trendline....

Stock-Holmes Updated 

As per the Elliot wave analysis, the downtrend of Nifty moved in a 5-wave pattern. Each impulse wave (ie waves 1,3 and 5) moved in 5 smaller waves. Waves 3 and 5 were equal in length which was 1.23 times wave 1. This fits very well into the rules of the Elliot wave. Waves 2 and 4 had a horizontal zigzag correction as expected. We can expect corrective waves...

Stock-Holmes Updated 

A clear breakout of resistance trendline was seen in ban nifty and the index had come back to retest the trendline. The retest also corresponds to 50% Fibonacci retracement. A pull back from here to 41900 (0.786 fibo) can be expected as a target.

Stock-Holmes

In the chart, one can appreciate the downside of Elliot's correction. Wave 4 of the Elliot has taken the form of a triangle. As I mentioned in my previous post about the correction in IT, one can also expect a bearish run in FSL. Expecting a target of 96 to be reached within this month.

Stock-Holmes

The IT sector had a wonderful bull run post-Covid giving 250% returns and the sector has been correcting ever since January 2021. As per Elliot wave analysis, the sector probably has started the 5th corrective wave. This wave is likely to end by March-April. A good time to invest in this sector will be before the next quarter's results.

Stock-Holmes

Elliot waves analysis. Impulse waves on the downside are completed. Expect a quick upside move. Entry - 540-550 levels Stop loss- 530 Trade duration - 10 days Minimum Target- 570 - 580. Can expect 5 to 6% returns in the next 8 trading sessions.