kaushikwbslg

kaushikwbslg

Nifty has completed its minor move-up (shown on 15 min chart) and correcting to 50% of the entire up move is very likely. So, we are expecting a further down move.

kaushikwbslg

As I said earlier post that could go up max 18300(200% of 1st wave) and could be retraced. Likewise, Nifty had gone up and retraced after breaking the lower channel and 20 SMA. And, Nifty looked like has contained 23.6% of 3rd wave. For details, please visit my previous chart analysis. Now, after correcting 23.6% of the minor 3rd wave, Nifty is moving up....

kaushikwbslg

Nifty is still trading below the trendline, and there is a high probability that it may go down. That's because above there are multiple resistances. Maximum nifty could go around 18300(200% of 1st wave) Let's see what happen tomorrow.

kaushikwbslg

Banknifty is trending in an impulsive wave( likely to be the 3rd wave) which just retraced from 138.2% of the length of the 1st wave. Again, it started moving higher towards 161.8% of the 1st wave i.e. approx. 42000 level. If it manages to get past the 41200 level, we can see a surge.

kaushikwbslg

Nifty is like to go up to 17891(138.2% of 681from the end of the 2nd wave of 16950) on a short-term basis as also supported by the 20 MA of 1 hr chart. If 20 MA breaks and the price goes lower, we may see it lower to 17600(a 23.6% correction of 3rd wave (if it is the 3rd wave) from the recent high of 17808 If Nifty makes an ABC correction, it will go further...

kaushikwbslg

We will see Nifty at around 14380 lvl which is equal to the length of A, from B or we can see the level of Nifty at around 14000

kaushikwbslg

Nifty is undergoing a Flat Correction and we could see a severe sell-off around 15400 lvl and may come down 1000 pts again from the top of Bigger A to the bottom of A

kaushikwbslg

After completion of 5th wave of higher 3rd wave, we are in the middle of correction (making a-b-c) which lead to Nifty 13700 lvl or even 13500 lvl

kaushikwbslg

By using Elliott channeling technique, we might have finished 5th wave of a smaller degree of a higher Third Wave and in the middle of an a-b-c correction where 'a' wave is in the making right now.

kaushikwbslg

Correction to 13740 (23.6% of wave 1-5 i.e. 14753-10828=3925 x 23.6%=13827) roughly coincides approx 61.8% with the last move (wave 4-5 i.e. 14753-13193=1560 x 61.8%=13789) So we may see a good rally up to 14246 or even more up to 14600

kaushikwbslg

Nifty50 is right now undergoing complex correction (a-b-c). Here 'c' is 1.382% of 'a' and Nifty is down 61.8% of the recent move. I think Nifty likely to bounce back from this level and worse may be over.