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Angel One: Elliott Wave-Based Swing Setup

Free nse angelone chart calls

Free nse angelone chart calls

Angel one has accomplished the final impulsive wave 5 and is falling to correct the structure.

Calculations based on Fibonacci:
From the first wave at 201, the impulsive cycle began.

  • Wave 2 has retraced 61.8 % of 1st wave at 286.
  • Wave 3 has extended 3.618% of 1st wave at 1689.
  • Wave 4 has retraced at 50% of the 3rd wave at 990.
  • Wave 5 has advanced 161.8% of wave 4 in 2022.

Price has started forming corrective structure, where it occurred in wave b at 1555.
If the price breaks down the low of wave A, traders sell for the following targets: 1202 – 1123 – 1024.

Price has also broken down to 200 EMA, which is a bearish signal. Buyers should avoid this stock until the price breaks the high of wave B at 1555.

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5 Comments

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