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The price is trading the upper band of the channel which is resistance but nifty can create penetration(excess2) because of excess1 at lower band.
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There is still not worry about long positional trader until the price would not fall below 13397 and Support 13000. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
The following parameters are measured:
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Have you remember NIFTY BANK analysis? CLICK HERE to see
I had mentioned that it suppose to break the upper band of the channel, causing taking a table, and it has perfectly followed my analysis.
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This call was given to our subscribers
BUY NIFTY NOV FUT 12050
Stop-loss 12014, ONLY 36 point stop-loss
BOOKED PROFIT at 12550
500 POINTS PROFIT TAKEN, 500*75= 37,500 PROFIT
This defined the 12798 area as critical short-term resistance. It is important to note that the stock reversed after the AB=CD completion point will test. Although the BC projection was an important calculation within the PRZ of the pattern, the completion of the equivalent AB=CD structure was the defining limit. The chart of the price action in the PRZ shows the near-perfect reversal just the PRZ at 12798 nearby expecting…
I outlined that important level is at 12798 and Terminal Bar will decide for reversal confirmation.
I have mixed use Breakdown + Elliott Basic Rules…
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On the 5th, I’m expecting Throw-Over for this parallel channeling. By utilizing the 2-wave and 4-wave to determine the wave 5th connected parallel channel but herein, I suppose to break the upper band of the channel causing taking a table of U.S. election by the Biden expecting.
In essence, after the completion of the 5th wave, we are going to correct A, B, C. For the correction, The “Control Price” can attract the price.
=> Why did the price make higher & higher technical reasons?
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Precious seen AB=CD pattern on LUPIN. The “B” retraced at exact 61.8% and BC project at accurately 1.168%. After completing this pattern, extreme fall was seen in the price.
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Bullish Butterfly pattern required “B” mid-point 78.6% retracement and The price can fall 1.27.
The reversal can push the price to previous level first 938 and 980.
The price a rise near of the range 853 and 846.
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