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Elliott Wave says NIFTY Going for 16369

free nse nifty chart tips

free nse nifty chart tips

Nifty is constructing triple three (X,Y,Z) right now.

Price is about to accomplish sub-wave B of triple three.

Buyers should be ready to exit from their position before the price reaches the nearest lower high at 17639, which is wave (X) of the correction.

According to wave principle, if the price couldn’t sustain above wave X, then the current trend is about to resume.

Currently, nifty’s trend is bearish and, wave C can give a downward motion with the following targets:16909 – 16690 – 16449 – 16369.

Note that price can make an excess at the upper band of the channel.

Trade Setups (only for the safe traders):
Traders can enter when the price rejects the wave (X).
If the price breaks the (X) at 17639, it may be a fake-out. Traders can wait for the price to enter into the parallel channel.

Stop can be the nearest high of the excess which will be out of the channel.

Trade Setups (only for the Lionheart traders):
Lionheart traders can enter in sell position when the price makes rejection of wave (X).
After the price rejection, they can initiate a short position below 17600.

Stop can be high of the new lower high.

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Mr.Guru(s) is a team of stock market certified technical and research analysts with over 20 years of experience. They are regular guests on popular online channels and contribute articles to several financial publications. Their insights and advice are respected by investors worldwide. With their collective knowledge and expertise, they have a proven track record of successfully predicting market movements and identifying profitable opportunities.

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  1. Thank you sir,
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    But rebound should be quick!

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  4. Being only a beginner trader. I would want to do short term trades and this helped my understanding on how much I take for risk to try out success.

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