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Trade-Setups on Maruti Short Target 6639 and 6483
How to find the next wave after the development of extended waves?
Two terms are important to understand for this Sample.
The formula that we will use to find the 5th wave:- Extended Wave – The biggest wave of three impulsive waves (W1, W3, or W5) for the motive phase. In this, we expect gaps, surged, sharp moves in it.
- Difference between points – A wave has two points, the starting and ending point. The distance between them is the difference between those points. For example, Wave 1 traveled from Rs. 30 points to Rs. 45 point. As a result, the difference between 45- 30 points is “15”.
Difference of, 5th Wave = 3rd wave Extended – 1st WaveContinue reading
RELIANCE: EW target and Reversal point for ABC correction
We’ve traded today
This CALL was given to our SUBSCRIBERS:
NIFTY Sell below 14719 for targets 14576 and stop-loss 14745
This trade was achieved by us.
Traded Level 14719, Target 14576, equals to 143 points profit and stop-loss only 26 point. The PROFIT is 10,725 just only in 1 lot size. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
RELIANCE:
This stock price moving to 2193 and 2235 as target. As per the Daily chart the correction can be 2250-2230.
EW on Daily chart
EW on Weekly chart.
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Parallel Channel and use of it over the NIFTY
We found that a price is frequent spending more and more time between “Upper-Band” & “Gravitation line”. In other words, a price staying much of time between “Upper-Band” & “Gravitation line”.
Look at the upper-bank has 6 touches.
We are seeing no activities between the lower band and control price. That’s why we concluded that if price breakdown, gravitation line will be confirmation of fall. Yes, you can take profit from this type of trend by using buy at control price and sell at the upper band.
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Short term view in NIFTY50 for INTRADAY
Intraday support 14112, Resistance 14219
INTRADAY traders can short their position for the target of 14118 nearby.
If there will be breakout and price will cross the main resistance level that is 14219 then nifty will be still much bullish as indicators are indicating.
TECHNICAL INDICATORS
Moving Averages – Bullish
Technical Indicator – Bullish
Moving Averages Crossovers – Bullish
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EW – 5th W in progression – A,B,C Correction complex.
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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