Nifty Outlook: Is Nifty Preparing for 16800?

Thought of The Day

Thought Of The Day
I have two basic rules about winning in trading as well as in life.
(1) If you don’t bet, you can’t win
(2) If you lose all your chips, you can’t bet.
~ Larry Hite

Timeframe: Daily
Free nse nifty daily chart calls

Previous close – 17475

Nifty had made a high of 18114 and started falling as the price was heaving  horizontal resistance. Price couldn’t sustain above previous Lower high and started declining.

Nifty is at the support of 17440. Traders can expect a gap down.

If the price breaks out to 17440, the support level will be 17300 – 17000 – 16800. Nifty is strong only above 16600, and closing below 17230 indicates weakness.

Time frame: 1-hourFree nse nifty 60min chart calls

It looks like nifty has broken down the uptrend channel A and started falling. Price is forming and moving into corrective channel B.
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EWT: NSE United Spirits Multiple Time Frame Studies

Time frame: Weekly
Free nse unitedspirit chart calls

United Spirits has started wave cycle from 85.20.
Wave ((1)):
Wave ((1)) is an impulse pattern that occurred in 201.

Wave ((2)):
Wave ((2)) is a zigzag pattern that occurred at 95.55.
Wave ((2)) retraced 100% of wave ((1)).
Rule 1: Wave ((2)) can never overlap the starting point of wave ((1)).

Wave ((3)):
Wave ((3)) is an impulse with extensive nature, 3.618% of wave ((1)) occurred at 816.
Rule 2: Wave ((3)) can never be the shortest impulse wave.

Wave ((4)):
Wave ((4)) is a triangle pattern with a five-wave structure, retraced 50% of the wave ((3)).
A: 594
B: 801
C: 438
D: 742
E: 442 (terminating wave)
Price surged after the breakout of the B_D trend line.
Rule 3: wave 4 can never enter the price territory of wave 1.

Wave ((5)):
Currently, price is forming an impulsive wave ((5)).
Wave ((5)) has retraced 161.8% reverse Fibonacci of wave ((4)), which is the most acceptable retracement for wave ((5)).

Wave ((4)) extended 78.6% of wave ((1)) through ((3)) at 1020, and the price had made a high of 1019. It is also an ideal level for wave ((5)).

We still have a 100% Fibonacci extension level for wave ((5)). Our next step is to analyze the lower time frame chart and study the sub-wave behavior of waves ((5)).

Time frame: Daily
Fee nse stock unitedspirit chart daily calls

Sub-wave cycle of wave ((5)) starts from 442.65. Price accomplished a corrective wave ((iv)), and price surged rapidly.
Wave ((iv)) is a double zigzag that contains seven waves.

If the price fails to break wave (x), Traders can sell for the following targets: 989 – 864 – 811. (U-turn levels).

Wave X holds most of the power of the impulse. If the price is capable to sustains above wave X, traders can expect the following targets: 974 – 1020- 1178+. Traders can enter at the 50% level of the current price move.
Note: trend never establishes without confirmation from wave (X).
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Part 1: How to Count Waves Using Chart Patterns?

We can count waves using traditional patterns like Head and shoulders , Double Top and Bottom,
Triangle, cup & handle, etc. This article is about how you can count waves by identifying chart patterns.

I have covered Three chart patterns in this article,
1) Triangles
2) Head and shoulders
3) Double Top and Bottom

1) Head and shoulders :Free stockmarket elliottwave chart one

In addition, the two lows formed when the price failed to rise and fell back down were basically at the same level. The horizontal line is often referred to as the “neckline” When the price fails to fall back for the third time the neckline will break. So “head and shoulders” was officially established.

Changes in volume with head and shoulders:
During the formation of “head and shoulders”, the left shoulder has the largest volume , the Head has a slightly smaller volume , and the right shoulder has the smallest volume . The phenomenon of diminishing trading volume shows that when the stock price rises, the chasing force is getting weaker and weaker, and the price has the meaning of rising to the end.

Operation plan after the Head and shoulders appear:
When the head and shoulders formed, you can decisively follow up the short order. The formation of the head and shoulders indicates the beginning of a new round of decline in the market, and the minimum drop is the distance from the head to the neckline. The profit is very substantial. Therefore, studying the formation of the Head and Shoulders is also a necessary analysis process for band enthusiasts.

Wave Count:
Free nse stock market head&shoulders wave analysis

The left shoulder: wave 3/A.
The first touch on the neckline: wave 4/B
Head: wave 5/C
The second touch on the neckline: wave A/1
The right shoulder: wave B/2
The ending point of the right shoulder: wave C/3

2) TrianglesFree nse elliottwave triangle calls

These are the most commonly used triangle patterns. In this motion, we are going to understand the triangle in terms of the Elliot wave. We’ll be talking about the classical triangle pattern in an upcoming educational series.

Wave Count:free nse elliottwave educational tips

A triangle forms in corrective waves. There are Four corrective waves in Elliott wave theory. The corrective waves are 2,4, B, and X.
There are four waves in a triangle which are A, B, C, D, E.
The starting point of wave A of the triangle is the ending point of impulsive wave 1/3/A/W. After the completion of wave E of wave 1/3/A/W, the Impulsive wave will initiate.

3) Double Top/Bottom:Free elliottwave educational analysis

In the chart, you can sometimes see the stock price fluctuations. The stock price fell back after reaching the highest price. After some sorting, it rose again to near the previous stock price level and then fell back. Two “normally highs” The high point is formed on the circuit diagram and will not be seen again in the short term.

Wave Count:free nse elliottwave doubletop & bottom count

In a Bull market, The first Top of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave.
I started the wave count from the first top and labeled it as A, B, and C waves.

In a Bear Market, The first bottom of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave.
I started the wave count from the first bottom and labeled it as A, B, and C waves.
After wave C is complete, we can ride the impulsive waves.

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MSFT: Bears Have Taken Control Over Bulls

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MSFT has accomplished the corrective wave (b) and started falling for wave (c) of wave (4).

Traders can expect the following targets: 289 – 272 – 265 for wave (c). Here, 273 is the Fibonacci level of 50% of the wave. This level will act as a crucial level.

An uptrend is only possible after the breakout of the parallel channel.
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NSE Sail Stock Price Can Hike Rs.50+ From Here

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SAIL has been forming descending channels for more than 47 weeks. It has accomplished corrective structure((4)) at 61.8% of wave ((3)).

Wave ((4)) is a double combination pattern. After creating a low of 84.35, the price started marching upward.

If the price breaks out of the corrective channel, traders can trade for the following levels: 123 – 143 – 162+.  But bears can take control if there is a fake-out.

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NSE Adani Ports Is Growing Near Truncation Zone

Free nse stock adaniport chart calls

Key Level: 824 & 853
Adani Port has broken down the corrective wave X and started forming an impulse wave ((5)).

Price had broken down the 8-month-old correction, and Adani Port surged rapidly. Adani Port can U-turn from 1.618% at 1049. It is a reverse Fibonacci of wave ((4)). Currently, the price is at the 78.6% reverse Fibonacci level at 853.

If Adani port fails to break the previous high at 901, there will be a case of truncation. It shows that the current impulsive move has a lack of demand pressure. Then the decline will be 3x more powerful than the normal corrective wave.

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