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NSE Britannia – The Last Move of Correction

Free nse britannia chart calls

Free nse britannia chart jg calls

Timeframe: Daily

NSE Britannia has formed a new cycle from 3050. Although the wave cycle is directional, it cannot be classified as an impulse structure. Impulsive waves have the following characteristics:

  • Wave 3 never be the shortest wave among 1, 3, and 5.
  • Wave 2 can never retrace 99% of wave 1.
  • Wave 4 can never enter the price territory of wave 1.
  • Waves 2 and 4 must show alternation in either price, time & pattern.

If the price does not follow these rules, traders must label the cycle as a correction. Take a look at the chart, and tell me if you think the structure is an impulse.

Free nse britannia chart calls

Timeframe: 4h

As per the chart, Britannia has accomplished the sub-wave B of wave (4) and started forming wave C.

If the price breaks down the low of wave c at 4314, Traders can sell for the following targets: 4266 – 4236 – 4214. A trade should only be initiated after a breakdown has occurred.

There are two price clusters where prices can reverse:

  • Wave C can be accomplished at 0.382 Fibonacci retracements of wave 3 at 4214.65. Wave A=C at 4187. As shown in the chart, it forms a cluster range.
  • Wave C can occur at 0.5 Fibonacci retracements of wave 3 at 4114. Additionally, a correction occurs near the previous wave.

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Stock market certified investment advisor(s) for Moneymunch. They're a regular guest on popular online channels and writes for several newspapers and financial journals. Who has studied charts for over 20 years, and they have black magic of the share market.

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2 Comments

  1. This is an amazing skill. How do we learn all this? It would be great if you could guide us and let us know the materials.

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