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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.
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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The “B” mid-point is at 61.8% of XA leg.
(Alternate Bat required exact 38.2% B retracement)
For the Crab pattern or Gartley, the “B” can be 61.8% but D must me equal or more than 2 AB = CD.
By the looking on the chart, we have 2 best entry point to enter long side.
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FIRST Wave: (Leading Diagonal Contracting)
In the first wave, we have detected the Leading Diagonal contracted within two yellow-colored covering lines but the leading diagonal occasionally appear in the first wave position of impulse. I have labeled by using roman numbers.
SECOND Wave: (The 50% Retraced)
Its a corrective wave formed A, B, and C. Its retraced 50% from the first wave and the price didn’t carry to a new low.
THIRD Wave: (Impulsive and Extended)
This wave is strong and broad with the Extension moved. The subdivisions of an extended wave are nearly the same amplitude and duration as required.
FOUR-Wave used Technique : (of Channeling to determine Five Wave)
I’ve used here channeling technique for confirmation of four-Wave completed perfectly. In this case, suppose to the fourth wave ends at a point touching the parallel channel.
FIVE Wave: (Price is currently toward this wave)
I have connected the ends of waves two and four to determine the five-wave causing wave one and three is normal.
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