As mentioned yesterday that NIFTY should reach a level/zone of 7425-7370....it made a low of 7424.30 but bounced from there to create a Lower Low and a Higher High than 8th March candle.....creating a Perfect Bullish engulfing candlestick.
Coming to Elliott Wave Counts.....as i have been sharing this that the bigger degree A B C from 6825 to 7714 (max) should come.....it has happened,but not exactly the way i assumed......This uptick so far from 6825 to 7539 stilll looks like just the WAVE A from because there are not clear A B C waves from this whole upmove from 6825......since WAVE A would again sub divides into 5 waves....1 2 3 4 5......i am putting the wave counts from 6825 till 7539.....which explains these 5 waves.
From 29th February 2016 (budget day) we saw a lot of swing movement where i asked everyone to book their shorts in zone of 6869-6780....NIFTY made a low 6825 and reversed......this started WAVE A in the form of A.1
These are identified on 10 MINS NIFTY CHART
1. WAVE A.1 - 6825-7094 on 29th February
2. WAVE A.2 - 7094-6869 on 29th February
3. WAVE A.3 - (Further sub divided in-to further 5 waves-extended,the reason that usually wave 3s are the longest and the strongest) 6869-7527 - 29th Feb to 8th March
4. WAVE A.4 (Perfect a b c) - A.4.a - 7527-7442 - A.4.b - 7442-7494.50 - A.4.c - 7494.50-7424.30
5. WAVE A.5 - begun on 9th March - 7424.30 - current wave
Highly likely A.5 also has a smaller degree of further division into 1 2 3 4 5 ....showing up on 10 MINS chart.......this currently looks like A.5.3 or A.5.5.....which is either the second last leg of the last leg of this upmove......should make a slightly higher high than 7539 say 7558 and then reverse from that zone
So everyone hold onto your shorts.....for a minimum 300-350 points on downside from wherever this upmove finishes in zone of 7550-7570
Happy Trading.
Coming to Elliott Wave Counts.....as i have been sharing this that the bigger degree A B C from 6825 to 7714 (max) should come.....it has happened,but not exactly the way i assumed......This uptick so far from 6825 to 7539 stilll looks like just the WAVE A from because there are not clear A B C waves from this whole upmove from 6825......since WAVE A would again sub divides into 5 waves....1 2 3 4 5......i am putting the wave counts from 6825 till 7539.....which explains these 5 waves.
From 29th February 2016 (budget day) we saw a lot of swing movement where i asked everyone to book their shorts in zone of 6869-6780....NIFTY made a low 6825 and reversed......this started WAVE A in the form of A.1
These are identified on 10 MINS NIFTY CHART
1. WAVE A.1 - 6825-7094 on 29th February
2. WAVE A.2 - 7094-6869 on 29th February
3. WAVE A.3 - (Further sub divided in-to further 5 waves-extended,the reason that usually wave 3s are the longest and the strongest) 6869-7527 - 29th Feb to 8th March
4. WAVE A.4 (Perfect a b c) - A.4.a - 7527-7442 - A.4.b - 7442-7494.50 - A.4.c - 7494.50-7424.30
5. WAVE A.5 - begun on 9th March - 7424.30 - current wave
Highly likely A.5 also has a smaller degree of further division into 1 2 3 4 5 ....showing up on 10 MINS chart.......this currently looks like A.5.3 or A.5.5.....which is either the second last leg of the last leg of this upmove......should make a slightly higher high than 7539 say 7558 and then reverse from that zone
So everyone hold onto your shorts.....for a minimum 300-350 points on downside from wherever this upmove finishes in zone of 7550-7570
Happy Trading.
WAVE A.2 - 7094-6869 on 29th February was it 6869 or 6969
ReplyDeleteCORRECTION: Wave A. 2 read 6869 as 6969.......thanks Amit for highlighting
DeleteAny changes in upside target of 7550-7570
ReplyDeleteAbhishek- yesterday you mentioned from 8654 is C and what is ongoing could be C.3.4.
ReplyDeleteWhen you get some time please share the broader counts from 8654 to now i.e. full "C" so far.