EW – 5th W in progression – A,B,C Correction complex.

Elliot Wave for LT5th Wave probability at 1403/1462 by using extensive fib ratio for targets 1300 and abc correction can 1105 nearby.

Watch closely the “W” pattern & Fib Ratio on LT!

The LT is trading in a parallel channel and it is in the middle of trend, technically it can be said that the 5 wave has started and it will end by touching the resistance line due to wave analysis.

Technical analysis of NIFTY:

Nifty has come to all time high and breaking every time high everyone is talking about the fall in nifty but bulls pull it more strongly to next higher level. Technically the nifty will move still higher level and do price rotation then fall can be expected. The important level to look at is 14094 and the support level is 13668 remember the falling strength is more stronger then the rising strength.

The Bat Pattern on the NIFTY:

The “Bat pattern” incorporates the 0.886XA retracement, as the defining element in the Potential Reversal.
The B point retracement a 0.50 of the XA leg. The Bat utilizes a minimum 1.618BC projection which is already done.
In addition, Bat pattern is extended a 1.618 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.

By keeping stop-loss as 13747 sell NIFTY,  TARGET can be 13536 2nd target 13403  or still down.

Negative Sign at Longer TF for NIFTY.

The price is trading the upper band of the channel which is resistance but nifty can create penetration(excess2) because of excess1 at lower band.

AB=CD at 12798 for NIFTY.

This call was given to our subscribers

BUY NIFTYNOVFUT 12050

Stop-loss 12014, ONLY 36 point stop-loss

BOOKED PROFIT at 12550

500 POINTS PROFIT TAKEN, 500*75= 37,500 PROFIT

This defined the 12798 area as critical short-term resistance. It is important to note that the stock reversed after the AB=CD completion point will test. Although the BC projection was an important calculation within the PRZ of the pattern, the completion of the equivalent AB=CD structure was the defining limit. The chart of the price action in the PRZ shows the near-perfect reversal just the PRZ at 12798 nearby expecting…

I outlined that important level is at 12798 and Terminal Bar will decide for reversal confirmation.

I have mixed use Breakdown + Elliott Modied Basic Rules…