The movement from 38,163 to 46,369 is 7,756 point upmove, followed by a flat correction (zig zag, the reason the wave b pullback was 97.86% of the wave a). If we look at the rules of the flat the wave c must end near 123.6% i.e. 42,887 but we took a buffer of 161.8% to figure out a reversal zone.
Reversal Zone:- 41,829 - 42,887, safe traders can go long once the...
#banknifty:- A contra view on index discussion
The analysis is based on the assumption that wave 5 is over and this is a corrective pullback.
Today the price got rejected from 78.6 % - 85 % of the last upmove and if the pressure continues we might see 43,124 to 41,413 levels.
The Stop Loss is very close at 46,356. This analysis looks unrealistic, but this...
#banknfity short-term view for next couple of days, rising wedge in the lower time frame, once 44,000 is breached, you have good downside potentials.
Let's see how the market behaves in the next couple of days.
#banknifty:- Short TIme frame a cycle is getting completed, 1-3-5 down and Wave C is impulsive upmove.
Funda:- Inverted H&S patterern getting married with #elliottwave (4-5-A,B - Formation and Wave C - enchashment )
Always trade what you see not what you feel.
On Weekly Time Frame 45,214 will continue to act as strong support. The wave 5 min 61.8 % projection is complete but the price has given as breakout above the weekly trend line resistance and there is a pullback to the breakout. From the weekly time frame, the next direction is not very conclusive.
On 1 HR TF analysis, till Friday's low is not...
#banknifty weekly time frame analysis:-
Rising weekly trendline, two probable setups.
a) Trend reverses
But when looking carefully at daily TF, the 5th wave is still not complete and the rising wedge can break on the upside and the rising wedge will turn to rising channel.
#elliotwave #trading #stockmarket
#banknifty analysis for next few weeks:-
#banknifty is currently in a complex correction phase and general traders should avoid these types of market.
On the pattern formation, we see the head & shoulder patterns getting formed, the neck will break around 43,400, which gives us two targets on the downside (42,992-43,109) and (42,250-42,493).
For swing traders,...