Price started to form impulsive wave C after Bajaj Finserv completed correction wave B. There is also the possibility of altering the count with W-X-Y.
Wave (b) retraced 50% of wave (a), which signals intense supply pressure. If the price breaks wave (a) at 1621, traders can sell for the following targets: 1594 – 1569 – 1549. Calculations are based on Fibonacci extensions. Price has completed 100% Fibonacci extension in wave A so that wave C could extend by 161.8%.
Currently, the price has broken down to 50 EMA, and a negative closing will result in further price declines. Parallel channel throw-over is one of Elliott wave principle’s best target measurement tools. Targets will be extended in case of an extension of the trend.
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Nice insight and great wave count.
good effort and observation
Too good sir. I used to trade your wave analysis, and it works most of the time.
Good pick. Appreciate this post. Will try it out.
Please share NIFTY and bank nifty on daily basis. I would like to get daily analysis on index futures.