Referring to my post on 15th March, where i mentioned that we should go slightly above 7583 i.e., 7590 to 7615...today seems the day for making that......and the level which i mentioned on 16th March that we should break 7440-7420 zone on closing basis......it did not happen yesterday, though we made a low of 7405 but reversed immediately......and closed at 7498.75.
Now from 6825-7583 (Gain of 757.9) points.....If i consider this as WAVE A and take a minimum 23.6% retracement for calculation of WAVE B....then 0.236 x 757.9 = 178 points......from top of 7583 - 178 points gives us 7405....the low which we made yesterday was 7405.15.......assuming this WAVE B....we have already completed...then this WAVE C from 7405 to higher high above 7583...should complete WAVE C......WAVE A 6825 TO 7583......WAVE B 7583 TO 7405......WAVE C 7405 to New High if i take a 38% retracement of WAVE A which was 757.9 points then it comes to 290 points.....and 290 points from 7405 comes to 7695.....Also this A B C being the WAVE C.3.4 should not cross 7714-7731 zone....so the reversal for this WAVE should be anywhere from 7583-7695 zone....completing the WAVE C.3.4 and finally reversing for direct NEW 52 WEEK LOW........not just 7200-7090 zone but below 6825 in the coming days.....and it should be a fierce one.
For BANKNIFTY.......this rise is the last rise before it bottoms out........rise from 13407 uptill now would max out in the zone of 15750-15800 and then reverse for the last time to make new 52 week low and bottom out....by making slight low below 13407.
Now from 6825-7583 (Gain of 757.9) points.....If i consider this as WAVE A and take a minimum 23.6% retracement for calculation of WAVE B....then 0.236 x 757.9 = 178 points......from top of 7583 - 178 points gives us 7405....the low which we made yesterday was 7405.15.......assuming this WAVE B....we have already completed...then this WAVE C from 7405 to higher high above 7583...should complete WAVE C......WAVE A 6825 TO 7583......WAVE B 7583 TO 7405......WAVE C 7405 to New High if i take a 38% retracement of WAVE A which was 757.9 points then it comes to 290 points.....and 290 points from 7405 comes to 7695.....Also this A B C being the WAVE C.3.4 should not cross 7714-7731 zone....so the reversal for this WAVE should be anywhere from 7583-7695 zone....completing the WAVE C.3.4 and finally reversing for direct NEW 52 WEEK LOW........not just 7200-7090 zone but below 6825 in the coming days.....and it should be a fierce one.
For BANKNIFTY.......this rise is the last rise before it bottoms out........rise from 13407 uptill now would max out in the zone of 15750-15800 and then reverse for the last time to make new 52 week low and bottom out....by making slight low below 13407.
Hi Abhishek,
ReplyDeleteI have been following you and your blog for quite some time... nice posts... thanks! With reference to above post, are you expecting new low in March itself? Also are there any chance for nifty to go higher above 7700? I mean... any alternate scenario than you have mentioned in the blog.... Please clarify..
MJ: no as per my analysis we should not cross 7714-7730 zone on closing basis....and new low not in march at least but yes 7200 in march atleast.
ReplyDeleteExcellent.. I really like the way you break it down and give a detailed explanation.. Thank you ever so much :)
ReplyDeleteThanks Rajath for the appreciation
Delete6825-7094 - Wave 1
ReplyDelete7094-6969 - Wave 2
6969-7582 - Wave 3
7582-7405 - Wave 4
7405- May complete wave 5 around 7630
After this Nifty may fall big.
How you are seeing this wave count Abhishek?
Personally i also feel this is the count... could be of corrective A or could be of 1.. but we don't often see C to be 0.38% of A.. Mostly its 1.38x or 1.618x or at least 1x. Anyway i could be wrong..
DeleteYou are rite Suman. Wave 3 or C, can not be 38%.. it should be minimum 100% of A from wave B end.
Deletesorry typo ....38% or 0.38 ( not 0.38%)... yes at least Regular flat...anyway tomorrow we going to get a good clarity ...
DeleteManikandan:
Delete6825-7094 - Wave A.1
7094-6969 - Wave A.2
6969-7527 - Wave A.3
7527-7424 - Wave A.4
7424-7583 - Wave A.5
Total Wave A - 6825-7583 (758 points)
7583-7405 - WaveB (23.6% retracement of WaveA) i.e., 758 x (23.6%) = 178
WAVE C 7405 - either 7585 finished or in continuation which can max go to 7695 which is 38.2% retracement of WAVE A of 289 points so 7405+289 = 7694 or 7714-7730 zone (less chances)...and then final fall in form of WAVE C.3.5 for new 52 week low in early april
You have explained so well and in clarity...
ReplyDeleteThanks Madhavi for the kind words.
Deletebeautiful and well explained. you are teaching us thru your explanations,you will make a great teacher :)
ReplyDeletekjkj: thanks a ton for giving me the designation of a teacher :-D
DeleteThanks abhishek you are doing a fabulous job
ReplyDeleteManoj: thanks pal for the appreciation
DeleteWhen does this view get confirmed? Or negated?
ReplyDeleteEss Jay: confirmation closing below 7440 to 7405 zone.......negate.....closi g abovr 7714-7730 zone
ReplyDelete