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ELLIOT WAVE STRUCTURE 🌟
Phase 1 - Motive Wave
Elliot Wave Condition (Motive Phase)
I) Wave 2 never moves below Wave 1 ⚡️
II) Wave 4 never enter Wave 1 ⚡️
III) Wave 3 never shorter then Wave 1 ⚡️
Wave 5 may be the extended wave or it may greater than or equal length as same as Wave 3
36550-37740 (Bank Nifty Higher Side Level)
Chart Pattern: Cup and Handle
On the hourly time frame, Nifty 50 has been trading in the Cup and Handle pattern.
As per the chart pattern , If Nifty breaks the 15950 then we could see a good move in the coming days
Pattern: Horizontal Channel Trend
Current Structure: Price bounced from the Support Zone shows some good signs in the current trend
Price Action View: Most of the traders were stuck at higher levels 300-310 as per my price action observation, Big Sharks did their job perfectly which is nothing but Stop Loss Hunting, Price Plummeted from High 330...
Nifty 50 has been trading in a Ascending Channel trend pattern more than a week.
On last trading session price has reversed exactly from the trend line support level .It shows that more strength in current structure.Soon we can expect new high from Nifty 50
18120 Major Resistance Level
HATHWAY : CMP 20.40
Pattern : Descending Channel
Resistance : 22
Support : 16.80
Investment Short Term
Buy Range 19.60-20.50
Stop Loss 18
Holding Period 2-3 Months
Good Volume and Wide Candle
STOVEKRAFT : CMP 621
Pattern : Horizontal Channel
Swing Trade Suggestion
Buy Range 615-625
Stop Loss 585
Fundamental Wise Company looks Good
Price Near at Good Demand Zone
Good Risk Reward Ratio
It has been consolidating in the form of Descending Channel pattern from Sep-2021 to till now
So we can expect breakout at 1050 level but not sure.
During breakout we should get either good volume expansion or price candle expansion for further upside direction in the price