Nifty started off the date flat at 7486.40 and closed at 7485.30...creating a DOJI candlestick showing indecisiveness.
Coming to the Elliott Wave Structure, the uptick seems to be the A B C structure of greater degree and current uptick from 6825 till 7427 looks like WAVE A of this structure. WAVE B should come down till minimum 7200 zone and max 7090 and continue its WAVE C on upside for 7550-7625 zone.
9th March should see the follow through of what happened intraday on 8th March.....correction. This should reach to a level of approx.7425-7370...to begin with in form of WAVE B.a (because WAVE B of the BIG A B C structure would also pan out in a b c structure on downside).
Coming to the Elliott Wave Structure, the uptick seems to be the A B C structure of greater degree and current uptick from 6825 till 7427 looks like WAVE A of this structure. WAVE B should come down till minimum 7200 zone and max 7090 and continue its WAVE C on upside for 7550-7625 zone.
9th March should see the follow through of what happened intraday on 8th March.....correction. This should reach to a level of approx.7425-7370...to begin with in form of WAVE B.a (because WAVE B of the BIG A B C structure would also pan out in a b c structure on downside).
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ReplyDeleteGreat initiative Abhishek, my id at MMB is sumac200 but my messages dont get posted there as i post infrequently, tried to ping you on few queries never got posted.To me MMB sucks anyway , thanks much for this initiative.
DeleteI have a question what if instead of A ending to 7427 of ABC this is could be 6825-7094 as (1) , 7094-6969 as (2) and 6969 to 7525 ( current high) as (3) with 3 projecting > 1.618 of wave 1 .. 3 may have completed or in progress... You mentioned somewhere in MMB its not an impulse wave, any particular reason you feel this a corrective wave?As there could be well another 2 leg down and up.
Sumac: Thanks for being the first one to comment/post.Coming back to your query is that the fall coming from 9119 is actually WAVE 3.3.4....(WAVE COUNTS STARTING FROM 1990 January when NIFTY was at 100)and which is in a form of ABC X ABC...of which this fall from 8654 till now is the WAVE C and current rise from 6825 is actually WAVE C.3.4 Of the WAVE C starting from 8654...that is the reason that this is a corrective wave being the fourth wave and not an impulse wave
DeleteOk thanks for the reply, but would be nice if you have a rough chart with counts from 9119..i am just trying to figure out the difference in counts specially where the 1 of Wave C that started from 8654 got ended in your chart . if 1 is 8654-7541 , 2 is 7541-8331 , 3 is 8331-6528 and 4 is ongoing then 4 should not touch end of 1(or start of 2) today it reached just near to 7541. Thats why i thought C got ended at 6825 , 8654-6825 is 1.63 of A ie 9114-7998. Again i could be wrong.
Deletebtw appreciate your time for your followers.please keep on posting
Suman: 8336 to 7714 is actually C. 3.1........ BUT NOT 8335 TO 6835 is complete 3......6825 to current uptick is C. 3.4.....and not full C 4.....would post a chart of counts tonite......
Deletegreat , would be eagerly waiting for getting the rough picture of counts.
DeleteGood Initiative Abhishek Sir..
ReplyDeleteI rarely post on mmb but track evry post of urs.
Have initiated trades on ur call of nifty & TM.
Caught in the wrong side of TM by shorting it at 324 as I didnt follow SL of 325.
Thanks Rhona.....i assume u meant 424.....hold on to ur short f u can manage the MTM....
DeleteGood Initiative Abhishek Sir..
ReplyDeleteI rarely post on mmb but track evry post of urs.
Have initiated trades on ur call of nifty & TM.
Caught in the wrong side of TM by shorting it at 324 as I didnt follow SL of 325.
Just joined your Blog. I have been following you on MMB. Hoping to gain from your knowledge and guidance.
ReplyDeleteYes me too following u on mmb sir...read every post and call now...this is really nice initiative as many can ask and discuss their querries here...thanx again...
ReplyDeleteThanks tushar....... Would take a bit time to start giving basics of elliott wave Theory/structure.... With charts of nifty 50 and few selected stocks soon.
DeleteNice initiative Abhishek.
ReplyDeleteI am following you in the mmb for the last few days but hardly there is an opportunity there to interact and seek clarification.
Thanks for your time and effort.
God bless
Can you please share your views for the short term movement of Nifty after today's close ?
DeleteCan we expect 7200 levels in
Can we expect 7200 levels in near term
DeleteThanks padma...... Yes this is more convenient.... As there are many new members...... Whose posts don't get displayed instantaneously...... Gets posted with lot of lag...... And increase my anxiety as I am unable to respond them timely.... This is good
DeleteYes..... I do have the view of 7550 and 7625.... As in. Y posts I had mentioned that from 6825 there should be a rise till max 7714.....but the fashion I assumed of ABC is a bit different..... Still I think that this up move is just Wave A of ABC..... B WOULD be deep and minimum of 300 to 350 points.... Say 7240 to 7180....max 7090....and then wave C should surpass the top ofWave A...... Could just make a slightly higher high than A or reach max 7714....and then again reverse again for new 52 week low...... In the form of Wave C. 3.5
DeleteThanks for the reply
ReplyDeleteEagerly waiting to see the waves unfolding
Abhishek....good to see u start this. Me holding shorts and lets see how this wave unfolds.
ReplyDelete