In the last update TRADE-SETUP was:
Buy 8865 and succesfully price traveled to target at 9834
Profit as per moved 1146 points.
9584 Above, the target is valid 9990.
Short selling Zone broad 9990-10272
The parallel channel connected 2W and 4W with projected to 8731: Resistance detected 10135 nearby
Elliott’s wave theory
The wave A and B in both sets parallel channel and Wave C will be set of mnext 5th Wave.
Elliott’s cycle of the 5th Wave is under-construction. 3rd wave was extensive in price and after it, Two Sets of AB and C with slanting parallel channel.
-> Bottom Out: You have figured out that Wave 4 would normally retrace 0.618% of Wave 3.
Wave Personality : I won’t expect 5th too much extensive than 3rd wave that why A, B, and C cycle fall projected in the chart.
————————WEEKLY CHART——————————–
Last week has reversal pin-bar and next week expected move 222 point
from 7-Days AT from the closing.
The price follows to lower bound & upper bound of Parallel Channel.
————————DAILY CHART——————————–
Start looking from left to right, Impulsive & Corrective Waves.
Impulse legs in 1 to 5 and Correct legs has A,B and C waves. Presently, we are going up wave.
Advised to traders and investors: be careful to take long.
This pullback can push price 9066 up to easily.
At a,b and c of 50% retrecement zone from where price started to move downward.
Value area with 3 control lines has plotted of parallel channel.
Nifty is follwing weekly channel since long 2005 year
Target achieved Fib Retracement:
Volume vs. Price Action:
Points to be focus on:
Red Alert : sellers will take action on the Red Alert zone 1542 to 1490, and price will T1 as target.
Fibonacci Retracement:
Confluence zone 1353 to 1329 target
next target 1250 nearby if sellers will continue.
Wave analysis theory (unconfirmed):
Parallel Channel and Project:
T1 -1375 to 1380