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Nifty Outlook: Is This The Last Pivot zone For The Bears?
After creating the low of 17836, we have seen a price surge to 17623. Nifty again reached the pivot zone 17621.
If niftysustains above 17621, traders can buy for the following targets 17680-17765-17841+.
Also, a price above 50EMA indicates the presence of bulls in the current juncture.
Please note that the rejection of the pivot zone indicates that the price is not going above.
Price had broken out of the value area, and I suggested buying nifty after price entered into the parallel channel.
Price has made excess and entered the equilibrium area, where supply equals demand.
Currently, the price is on the control line. It controls the up and down movements inside it.
Nearly every up or down move in the value area stops at this control price line. It is pivotal support and resistance level inside the value area.
It is called pivotal because of how price oscillates around it.
If the price sustains above the control line, we have a butl bulllish scenario for, 17800+ as I mentioned above. But rejection of the control line will drive the price to 17226.
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NSE – Nifty Tips & Update
Before:
Price was out of the value area, and It has given 78.6% retracement of the previous move.
To maintain equilibrium, However, price should enter into the value area.
The lower band indicates a crucial demand zone. But if the price fails to break the lower band, supply will exceed the demand.
Click here to read previous research report.
After:
Price has entered into the value area, and price surged to the control line, which is the controller of any particular trend move.
I have mentioned it in bold words,” At this juncture, the price has entered the value area. The lower band indicates the demand pressure. The price will surge towards 17369- 17487-17612.
28th January 2022:
12:15 PM – Price entered into the value area. The first target of 17369 has reached, and the price has made a high of 17373.
1st February 2022:
9:15 AM – Price has reached the second target of 17487.
12:00 PM – Price reached the final target of 17612.
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EWT: Will Crude Oil Reach 7000?
Crude oil is forming impulsive waves ((5)).
After the completion of wave ((3)), the price had started complex running flat of the corrective wave ((4)).
Wave B has crossed the high of wave ((3)), but wave B couldn’t break the low of wave A.
Price has made a failure of swing low, which was a rejection of a downtrend, and crude oil gained momentum.
Price has exceeded the sub-wave B of wave ((4)).
Sub-wave 4 of wave ((5)) is in progress.
If their price breaks out the high of wave 3, we can expect the following target for final sub-wave 6697-6785-6865+. It means the price has bullish sentiments above wave three and vice versa.
Breakout of the parallel channel shows the weakness of the impulsive wave. Note that wave four can never overlap the starting point of wave 1.
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Nifty Outlook: Is This The End Of The Bull Market?
After breaking the parallel channel, the price entered the value area.
Price has started a seller initiative by going out of the price zone.
Buyers responded more to sellers’ initiatives with an excess.
At this juncture, the price has entered the value area.
The lower band indicates the demand pressure.
If the price does not stay above the lower band at 17250, it could move downwards to the lower levels – 16628-16410, because the price didn’t break the 78.6% level.
Otherwise, the price will surge towards 17369- 17487-17612.
Note that if the price does not break the control line, it can not reach the upper band.
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Nifty Outlook: Will the seller crash the remaining bull?
Nifty is occurring a corrective wave ((iv)) on the hourly timeframe chart.
It has broken the previous corrective (iv) of a lower degree and price fall to 17377.
The bullish scenario is valid till the price is above 17150.
According to the Elliott wave principle, wave ((iv)) can never enter the price territory of wave ((i)).
Wave ((iv)) has retraced 78.6%, and it can’t retrace more than 78.6% if there is a bull power on the other hand. If the nifty breaks 78.6% at 17156, it will also break the invalidation level point of 17150.
Nifty is creating a downtrend channel, where bull power has controlled by sellers.
If the price breaks out of the channel downtrend, we can see a sharp upward move soon.
However, nifty has to confirm its bull run by breaking the breaking supply zones.
No bullish scenario without breakout of the parallel channel.
If the price breaks the downtrend channel, trader can buy for the following targets of 17435-17618-18125
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