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Elliot Wave for LT, 5th 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.
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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.
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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 to a 1.618 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.
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.
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There is still not worry about long positional trader until the price would not fall below 13397 and Support 13000. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
The following parameters are measured:
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Have you remember NIFTY BANK analysis? CLICK HERE to see
I had mentioned that it suppose to break the upper band of the channel, causing taking a table, and it has perfectly followed my analysis.
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