NSE 3MINDIA: Elliott wave Projection

Unlocked: Nifty FUT Trade Setup For Subscribers

Lock

Only subscribers can read the full article. Please log in to read the entire text.

Our subscribers received a Nifty Future trade setup yesterday.
If you had traded the Nifty future setup, you could have made Rs.5750 (115 points) in only two trading sessions.

Timeframe: Daily

3M India has accomplished Wave 5 of wave C. Ending point of correction is the starting point of impulsive structure. Elliott wave principle believes that if prices are bullish, it has to confirm their move by breaking the lower-degree substructure.

If the price breaks out the 21580, traders can expect the following targets: 23518 – 25020- 26528.

Price is facing the following confluence zones:

• 3MIndia has broken the 50 EMA but faced resistance from 200 EMA.
• Price is near the price territory of sub-wave 4 of wave C. The trend can’t be changed without a breakout of wave 4 of wave C at 21580.
• Control line providing resistance to the price.

If the price fails to break 21580, It can fall to 20242 – 19440 – 18604 below. Bull traders can buy after a pullback to avoid fakeout & maintain the risk-reward ratio.

Only subscribers can get a perfect trade setup at the exact time on our mobile application.