Nifty is on the corrective structure.
The wave (x) of the double zigzag is near to complete Wave (Y) has the potential to give a short entry for the following targets :
Target 1: 17426
Target 2: 17328
Target 3: 17260
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Bank Nifty has completed the corrective wave (4) at 31208.
After the climax of wave (4), we have seen an impulse phase with overlapping nature. According to Elliott’s wave theory, 5th wave can become an ending diagonal.
I will update the intraday chart of the bank nifty soon. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
How many of you sold Nifty futures today?
BEFORE – 1:26 PM
First Update URL: https://moneymunch.com/nifty-can-retest-17169-before-hitting-the-18000-levels/
I had written to sell Nifty at 1:26 PM, “The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169“.
AFTER – 3:08 PM
The first target of nifty has come. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
Nifty has completed motive wave (iii) at 17792.
Wave (iv) is forming and, it can have a common retracement of 38.2%.
The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169
According to the rule of corrective wave, it remains under the channel.
And the impulsive wave can break out the parallel channel.
If nifty breaks the parallel channel, check out the previous update below.
The long-term outlook of Nifty:
EWT: Will nifty hit 18000 before September end?
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Price is moving under the consolidation area for 225 days. It has finalized sub-wave (C) of wave ((4)). If price breaks sub-wave 4 of wave (C) of wave ((4)), it is the beginning signal of Wave ((5)).
We can get the following swing trade targets: 340 – 362 – 415
How many of you bought Kotak Bank after this article?
Update: Kotak Bank Has An Explosive Rally Ahead
I had written in clear words, “…intraday & short-term investors can also jump on this stock. Kotak bank prices may move forward up to 1900 – 1960 – 2056 levels to hit the halfway of wave 5th. Consecutive closing above the level of 1832 is a direct buy signal”.
Target 01: 1900 – Achieved
Target 02: 1960 – Achieved
Target 03: 2056 – Will it touch the third target?
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The YES Bank stock has started falling for a long period. If it breaks the consolidation area, it will keep collapsing, and we may see 10 – 9.60 levels soon. It’s under that range from the last 17 days.
But according to price action analysis, it will try to jump up to make a new LH. It can be nearby the 12.15 – 13.5 range. Safe investors can start selling nearby dynamic LH with the stop loss above the hurdle line.
NSE Kotak Mahindra Bank has started marching upside because it has completed wave ((4)). Its fifth wave will end nearby the retracement of wave ((4)) of 161.8% and sub-wave of (4) of 161.8%. So, long-term investors may hold for the targets of 2345 – 2446 – 2536.
At present, intraday & short-term investors can also jump on this stock. Kotak bank prices may move forward up to 1900 – 1960 – 2056 levels to hit the halfway of wave 5th. Consecutive closing above the level of 1832 is a direct buy signal.
A short reversal is expected at the last target of 2056.
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