Morning !
I have waited long to post on my blog for NIFTY and BANKNIFTY, there has been no post since my last post on 28th September 2016, because markets were doing what they do best, testing patience.
As per my previous post on 28th September when markets were at 8745-8690 zone, i mentioned to cover shorts on downside in the zone of 8650-8450...mentioned buying at 8580 +/- 30 points, NIFTY made a low of 8555 and reversed till 8806 in 4-5 days.
Fall from 8968-8555 was a perfect A B C fall post that the rise till 8806 was the a wave of X wave then fall till 8506 was b wave of X wave and the rise till 8736 was c wave of X wave, making this a complex correction of Double zig zag so far W X Y correction. W had the first A B C fall from 8968 - 8688 - 8893 till 8555 completing the W wave. X was completed as explained above by Xa Xb Xc and from 8736 Y wave started again in form of A B C 8736-8550 a ..... 8550-8678 b...... 8678-8400 c.....completing the Y wave and hence the double zig zag.
This falling trend since 8968 has been travelling in a channel, a typical fall type and a close above 8620 within this week will confirm a confirmation of this uptrend what we see today by a gap up of 105 plus rise at 8535, on downside 8400-8375 hold a crucial zone.
Targets for upside 9120-9350 and so on still intact.
For BANKNIFTY, highly like the bottom was made at 18824 on 13th October, targets of 20500-21000-21500 intact.
PS: Please post a reply if you have any queries, i usually revert within a day's time, and again i do not post daily, i only post when a see a trend changing both on upside and downside.
Happy Trading !
I have waited long to post on my blog for NIFTY and BANKNIFTY, there has been no post since my last post on 28th September 2016, because markets were doing what they do best, testing patience.
As per my previous post on 28th September when markets were at 8745-8690 zone, i mentioned to cover shorts on downside in the zone of 8650-8450...mentioned buying at 8580 +/- 30 points, NIFTY made a low of 8555 and reversed till 8806 in 4-5 days.
Fall from 8968-8555 was a perfect A B C fall post that the rise till 8806 was the a wave of X wave then fall till 8506 was b wave of X wave and the rise till 8736 was c wave of X wave, making this a complex correction of Double zig zag so far W X Y correction. W had the first A B C fall from 8968 - 8688 - 8893 till 8555 completing the W wave. X was completed as explained above by Xa Xb Xc and from 8736 Y wave started again in form of A B C 8736-8550 a ..... 8550-8678 b...... 8678-8400 c.....completing the Y wave and hence the double zig zag.
This falling trend since 8968 has been travelling in a channel, a typical fall type and a close above 8620 within this week will confirm a confirmation of this uptrend what we see today by a gap up of 105 plus rise at 8535, on downside 8400-8375 hold a crucial zone.
Targets for upside 9120-9350 and so on still intact.
For BANKNIFTY, highly like the bottom was made at 18824 on 13th October, targets of 20500-21000-21500 intact.
PS: Please post a reply if you have any queries, i usually revert within a day's time, and again i do not post daily, i only post when a see a trend changing both on upside and downside.
Happy Trading !
Good Morning bro :) I have a query. I am not debating. so, kindly help me to understand. down from 8969 to 8400.25 has 569 odd points, then today'gap-up till 8535 for me looks like 23.6% retracement of 569 points. now for me its looking like 8317 & 8183 levels are possible with 8560 as stop loss
ReplyDeleteSir dow is up
DeleteMani: Analysis considering only retracements from top to bottom or bottom to top is incomplete,you should know which wave are you referring to and then do the retracements. From 8969 to 8400 is not just one wave. It has multiple waves within waves. So no point of calculating 569 points and a 23.6% retracement of the same. I am also not debating,just telling what is the the right thing to do
DeleteTnx ji
DeleteMy doubtful stop loss which I mentioned above is 8560 and exactly 8559 was yesterday low and now market is crashing
ReplyDelete8317 and 8183 both the targets smashed and touched 8002.
ReplyDeleteamazing bro! congrats!... so what is next now?
DeleteNew cycle and new impulse has been started I hope so. Wave 1 8002 to 8350 then wave 2 8350 to 8177 from 8177 wave 3 possible to end 8740. As per my observation, ii of wave 3 gonna end and iii of 3 going to rock. So buy @8380 range for target 8740 with Stop loss 8241
Deleteok... yes.. I did earn on shorts (PE) and took long position... So as per your view, no new high coming? Also when you say wave ii of 3 gonna end, what is that level? could you elaborate more?
DeleteThis is Abhi bhai's blog and I am not suppose to post any ideas and strategies. My previous posts were my doubts and it did happened
Deleteok :) that's fine... let us see what abhi has to say on it... thanks!
DeleteAbhi bro, Down trend started??? Did we missed to see the waves from 8969??? 8969 to 8002 new impulse wave 1 down and 8002 to 8598 is wave 2 and now wave 3 in progress??? Lot of confusion bro plz guide us.
DeleteMani: Will reply before tuesday 15th November market hours
DeleteMJ: Will reply/update before tuesday 15th November market hours
DeleteThanks Abhi! waiting for your updates...
DeleteAbhi sir please confirm if you see any trend reversal as nifty was falling freely.
ReplyDeleteNeeraj: Will reply before tuesday 15th November market hours
DeleteWill Infosys re-touch 4 digit Mark again for sell on rise???
ReplyDeleteMani: For INFY i have been bearish since 26th July post of mine. I had a sell view on INFY till 950. Last week these targets have been achieved after 3 months. Now it has a strong support at 874, it made a low of 901 on 9th November, any further downside is a buying opportunity now till 1055 to 1086 levels....selling now will not be advised by me, hope this answers your query.
Delete