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...
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....
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...
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.
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.
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.
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.
Nifty corrected in a downward Elliot 5-wave pattern. The impulse waves 1, 3, and 5 are equal in length. The Elliot waves are complete only at the end of the 5th wave of the 5th major wave. This is also confirmed by the divergence in RSI. The market is likely to continue its original uptrend after the completion of the downward correction.
Another Elliot pattern. Sell-off expected in this stock. The next target is mentioned in the chart. Stop-loss 105.
Technically, the stock seems to be correcting in Elliot 5 wave pattern. The 4th wave of correction is moving in a triangle pattern. This is likely to break down and the fifth wave should move towards 700 levels.
The down side impulse Elliot waves have completed and correction waves have started. The upward wave C is due. We can buy at current levels for decent returns.
We can appreciate a breakout in the charts with an increase in volumes of stocks traded. Can expect a target of 1400 in the next few weeks.
Beautiful triangle breakout. Expecting 400 rupees move by one month.
Elliot 5 waves followed by correction waves. Buy at the current market price of 740 Target 900 Stop-loss 720 Risk reward 1:16
Can Elliot correction waves take Nifty to 16000? After completion of 5 impulse waves from 7500 to 18600, the correction wave A went to 16400 followed by B to 18200 (may go up to 18600 levels) A massive C wave fall equal to or greater than the A wave is likely to ensue.
The weekly candle of Nifty closed below 16300 and appears weak now. Elliot correction waves can take Nifty to 14800. Can go short if Nifty closes below 16200 in the daily chart.
2700 - 2730 seems to be a resistance zone. Watch for a gap-up opening. If there is a gap up can directly go for a buy. If opens flat wait for 2730 to be crossed.
We can see the stock price starting to fall after the completion of the 5th Elliot wave. The downside target is 8250. The correction wave may take the ABC pattern.