raj0778

raj0778

Nifty gave a BO of a falling wedge in a 5 wave impulsive fashion. Wave counts have been marked on chart. Support zone (15431 - 15371) should act as a strong support, completing minor wave (iv). So expecting Nifty to hit the support zone and bottom out either tomorrow or day after. From there on Nifty is likely to go ahead with wave (v) for target of 16250 -...

raj0778

ITC currently is looking good for long swing trade .. It gave a impulsive move from 165 to 218 and thereafter went into consolidation ... The BO zone is 216 to 218 .. One can also see some expansion in volumes .. Today, ITC closed just at the Gann resistance angle .. Tomorrow, if ITC opens above today's closing, expect it to take support of the Gann angle and move...

raj0778

Waves have been marked on chart for easier assimilation .. Assuming minor degree wave 4 is complete, Nifty should rally ahead and complete minor degree wave 5 .. Expecting the same to be completing at levels of 13880, thereby also completing the higher degree Wave iii .. From there expecting correction till support levels marked on chart .. The correction appears...

raj0778

Stay Cautious !!! ... Two important resistance zones marked on chart are 13135-55 and 13245-55 ... Be cautious going long with Nifty unless a clear break out from the second resistance zone is given .. If Nifty opens gap up, above the first resistance zone, it may rally till the second resistance zone followed by a steep correction. Note - Views expressed are...

raj0778

The move from 12790 to 13035 was a motive wave .. Yesterday, Nifty commenced its corresponding corrective wave and the same unfolded in a 3 wave pattern, suggesting that the pattern would end up as a flat/extended flat correction .. Wave A of the pattern appears to be complete .. Expecting Nifty to open gap up on Tuesday ... Depending on flat/extended flat...

raj0778

Waves have been marked on chart for easier assimilation .. My view on Nifty is still bearish and expecting Nifty to retest 11530 level tomorrow .. No changes in the resistance & support zones and the same have been marked on chart ... View gets invalidated if Nifty breaks 11750 .. Likely important time zones to be watched out for are 1015 - 1030 hrs and 1200...

raj0778 Updated 

Waves have been marked on chart for easier assimilation .. As per counts, it appears that wave (i) of Wave 3 and its corresponding corrective wave (ii) r complete .. The fall that was witnessed appears to be wave i of wave (iii) .. same was followed by corrective leg pulling Nifty to approx 11660 levels in a 3 wave pattern n the same has been marked as wave a .......

raj0778

As expected, Nifty opened gap down, completing Wave v .. Thereafter, Nifty spent the entire day correcting ... The correction pattern appears to be flat with Wave a and b already completed ... Wave c is in progress ... Expecting Nifty to open gap up somewhere between 11730-40 or if it opens flat, expecting a rally till the mentioned level, completing wave c ... ...

raj0778

The waves have been marked on chart for easier assimilation .. While marking, I have basically taken two scenarios into consideration Case 1 (Marked in black) . Correction of Wave 1 is a flat/extended flat correction and Wave C shall unfold as a rally towards level of 11960. Case 2 (Marked in red) . Correction of Wave 1 (Wave 2) is complete and what we witnessed...

raj0778

Waves have been marked on chart for assimilation.. Presently, the correction of first impulsive downward wave of 15 Oct is going on .. it appears to be a flat/ extended flat correction.. wave (a) of this correction appears to be over n wave (b) is in progress.. it appears that minor degree wave a of (b) completed yesterday .. expecting it’s wave b to unfold n test...

raj0778

As per wave patterns, it appears that the correction of Wave (3) is going on .. Level of 12000 has been tested multiple times ... If Nifty opens flat, it may fall down till the marked support zone, completing Wave b and from there it should be again headed for a rally till 12000 level as part of Wave c ... This should complete the higher degree Wave (b) .....

raj0778

Waves have been marked on chart for easier assimilation .. It appears that Nifty formed a triangle corrective pattern on 16 Oct .. View for Monday is bearish ... If Nifty opens flat, expecting a rally till the resistance zone marked on chart and completing the correction ... Thereafter the minor Wave v should commence and complete at support zone marked on chart...

raj0778

I have marked two red circles on the chart, depicting a classical double top bearish pattern and what we call a flat correction in EWT .. Accordingly with the first 15 min candle, it was evident where Nifty was headed to today .. had been a flat correction for the rally upto 12022, Nifty should have taken support at 11860 or 11820 levels and continued with the...

raj0778

As per wave count, it appears that the corrective leg Wave (b) is not complete yet ... Hence expecting an upward rally to start with till 1015 hrs, followed by the corrective leg Wave (c) unfolding in downward direction .. Resistance would be 11965 -11955 and has been marked on chart .. Support zones would be 11845-11835 and 11755-11735, as marked on chart ......

raj0778

Nifty opened gap up and attained a day high of 12022, which is 161.8% projection of Wave (1) marked on chart ... Hence assuming that Wave (3) is complete and accordingly its correction continued for the entire day .. Wave (a) of the correction is an impulse and appears to be complete ... Moreover, since Wave (2) was more of a flat correction hence expecting Wave...

raj0778

Minor wave 3 appears to be complete and its correction is under progress ... The corrective pattern appears to be unfolding as a Extended Flat correction ... Hence expecting Wave c of the correction to unfold as downward impulse ... Resistance and support as marked on chart are :- Resistance - 11955-11965 Support - 11765 -11750 Expecting the bull run to continue...

raj0778

Wave X as marked on chart shall be valid only if it smaller than Wave C ie, Nifty doesn’t break 11620 mark .. yesterday’s day high of 11579 will be key resistance.. if Nifty manages to break n sustain above it, may test next resistance zone of 11635-11655, in which case Wave X shall not be valid and one can expect further up move in days to come .. however if...

raj0778

The entire move from 10800 to 11400 level appears like a 3-wave pattern (Wave X) .. Once this pattern completes, expecting a downward move ... 11460 (+/- 10) as marked on chart, will be a strong resistance and watch out for price action at this level as Nifty may reverse from there ... View for 05 Oct would be bearish ... Support levels as marked on chart are S1 -...