raj0778

raj0778 Updated 

As plotted on the chart, wave v of wave (iii) is under progress ... Expecting the same to complete at the resistance zone marked on the chart (11730-11740) ... From there, expecting a correction till the support zone marked on the chart (11560 - 11540) ... For Monday, expecting a gap up opening, followed by a rally till 11740 and probably wave a of the corrective wave.

raj0778

Analysis of Today So as we had discussed yesterday that it appeared that a 5 wave pattern has completed, but Nifty had something different in mind and decided to gap up and complete the pattern further ahead than what we thought of ... So Nifty opened at 11610 and attained a day high immediately at 11617 thereby completing the 5-wave pattern ... But as we...

raj0778 Updated 

As suggested yesterday, Nifty after initial fall did continue with its bull run .. Also I had mentioned that 11540-11560 will act as resistance and Nifty did take a pause at that level ... Today the chart plotted is from a broader perspective .. It can be seen that Nifty has formed a diagonal pattern (rising wedge) ... To me it appears more of an ending diagonal...

raj0778 Updated 

The correction of Nifty appears to be over and Wave 1 of next impulsive move appears to be completed ... Expecting Nifty to open gap up at levels of 11500 - 11525 n continue with its bull run .. If Nifty opens flat, it is likely to go down a little and take support from the zone marked on chart and continue with its bull run .. Overall view on Nifty for tomorrow...

raj0778

The stock appears to have completed its bull run with an ending diagonal and is heading for a correction ... Declining volumes and weakening momentum are additional indicators to this effect ... Better to avoid fresh longs till the correction completes ... Target for correction has been marked on the chart ... Initial correction has been marked as arrow 1 and...

raj0778

As drawn on the chart, Nifty has completed a five wave pattern starting 11289 and culminating at 11497 .... For tomorrow, expecting corrective wave to unfold ... Expecting a rally or a gap up opening near 11490-11500 ... Expecting Nifty to take resistance from the zone and correct itself till the support marked on the chart

raj0778

Based on the pattern observed on 21 Aug, it appears that TVS motors is entering a corrective phase .. The evolving pattern appears to be flat/ extended flat ... Wave a and b have been marked on the chart and wave c is in progress. On 24 Aug, wait for retracement to 455-457 levels and look to short with target of 446 ... SL would be 461.50

raj0778

As drawn on the chart, Nifty appears to be in a corrective mode and has remained range bound after opening gap up/down since last three trading days. It appears that wave c of correction is unfolding. Hence expecting Nifty to take resistance from 11400 levels and correct till support marked on the chart before resuming with its bull run. However, overall...

raj0778

Nifty opened gap down and traded almost in a closed range taking support from the zone that was shared by me earlier as part of today's analysis ... The move of Nifty from the level of 11408 to 11294 is an impulse (Wave A) ... It appears that, it has been followed by a triangular corrective pattern (Wave B) as marked on the chart .... The next pattern (Wave C)...

raj0778 Updated 

Nifty on 19 Aug opened gap up and as shared in the previous post, 11450-11460 acted as a resistance n the correction went on for the entire day with Nifty being range bound .. as can be seen, flat correction happened on 19 Aug, n it in itself is a sign of bullishness .. however, another important aspect to note is that, not a single candle, even in 5 min timeframe...

raj0778 Updated 

With almost flat opening, Nifty continued with Wave 3 of impulse till 11322 levels and gave an extended flat correction before continuing its journey to Wave 5 .. the extended flat correction which corrected till 11291 was a strong indication that ongoing momentum was bullish and Wave 5 would a strong bullish wave as well ... That was second good long entry point...

raj0778

As shared in yesterday's idea, HDFC gave a good bullish movement today... As discussed earlier, SL was 1020 and HDFC opened at 1028 and went down till 1022 (day's low) ... This pullback was an ideal buying opportunity for today ... From 1022, it was a pure impulsive wave till it attained day's high of 1061, a move of approximately 40 points ... Long term view on...

raj0778

As can been seen on the chart, HDFC bank completed a five wave pattern from 19 May to 10 Jul ... the same was followed by an extended flat correction as marked on the chart... After the correction wave 1 formed as a leading diagonal and its corrective wave 2 appears to be complete ... Wave 3 should commence with targets as marked on the chart ... Expected time...

raj0778

The correction that happened on 14 Aug, appears to be an ABC correction ... Nifty opened gap up today and was in corrective phase till about 2.15 pm .. wave c of the corrective pattern was an ending diagonal followed by an impulse of almost 64 points ... Nifty appears to have taken support at the vital zone of 11240-11250 level .. It also managed to close above 20...

raj0778

All waves have been marked on the chart .... Waves A and B of the present correction are over and the final Wave C of the correction appears to under progress ... The entire correction being a Flat/ Extended flat, Wave C should be retracing Wave A entirely ... Wave C is an impulse with Wave 1 as a leading diagonal. In Wave 1 of Wave C, the fifth wave was a...

raj0778

The instrument today gave a BO from H&S pattern with good volume .... Immediate target for short term would be 206 ... Moreover, as drawn on the chart, the move of the instrument from low of 119 to high of 240 is an Impulse and is followed by a triangle correction ... Hence as per EWT, the next wave has to be an impulse of the same amplitude as the previous...