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Nifty is on the corrective structure.
The wave (x) of the double zigzag is near to complete Wave (Y) has the potential to give a short entry for the following targets :
Target 1: 17426
Target 2: 17328
Target 3: 17260
Further information I will update you soon. Stay connected! To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
Bank Nifty has completed the corrective wave (4) at 31208.
After the climax of wave (4), we have seen an impulse phase with overlapping nature. According to Elliott’s wave theory, 5th wave can become an ending diagonal.
I will update the intraday chart of the bank nifty soon. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
How many of you sold Nifty futures today?
BEFORE – 1:26 PM
First Update URL: https://moneymunch.com/nifty-can-retest-17169-before-hitting-the-18000-levels/
I had written to sell Nifty at 1:26 PM, “The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169“.
AFTER – 3:08 PM
The first target of nifty has come. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
Nifty has completed motive wave (iii) at 17792.
Wave (iv) is forming and, it can have a common retracement of 38.2%.
The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169
According to the rule of corrective wave, it remains under the channel.
And the impulsive wave can break out the parallel channel.
If nifty breaks the parallel channel, check out the previous update below.
The long-term outlook of Nifty:
EWT: Will nifty hit 18000 before September end?
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Extending wave (5) should easily travel above 18000 and is likely to continue toward 18480.
Target 1: 18000
Target 2: 18142
Target 3: 18350
Target 4: 18480
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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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