NSE BRITANNIA – Tips & Update
Did you trade the NSE Britannia Trade setup?
Click here: NSE BRITANNIA – THE LAST MOVE OF CORRECTION
Continue readingNSE MCX – Elliott Wave projection
Timeframe: Weekly
Prices are forming in the corrective structure A-B-C. Wave B has accomplished at 1697, and wave C is ongoing. We can see a window(gap-down) after the breakdown of the 7 and 14 Exponential moving averages, which shows a sharp decline.
Safe traders should wait for a pullback and sell only if the price trade below the 1700 level. Traders can trade for the following targets: 1336 – 1164 – 937.
As soon as the price pulls back, I will upload this idea for subscribers.(To become a subscriber, subscribe to our free newsletter services. Our service is free for all.)
NSE Britannia – The Last Move of Correction
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.
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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NIFTY Research Report – Were Bears Bullish?
We already uploaded wave analysis & price action analysis where I talked about a bearish wave C. The level of 18100 was crucial support for the nifty 50, and the price made a low of 17774.25. We were able to grab the move.
This report will be a broad analysis with multiple timeframes and scenario analysis. So, here we are with the same question! Is correction deep enough? If we can find the ending point of corrective waves, we can ride on an impulse.
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