Nifty may be forming a triangle in wave b and might complete the wave (4) with a thrust from the triangle. The target seems to be around 4865. Our ending diagonal seems to be in contention still. Again unless and until we cross the 4865 levels confidently we are firm on our ending diagonal scenario. Triangle are very good patterns to trade, so keep and eye when it is about to complete, late in tomorrows trading day!
Hi Anniruddha.. Which Software you use for Nifty Intra-day Chart?
ReplyDeleteIs it paid one. or an free portal available?
Thanks & Regards,
Harsh Dixit
@Harsh Dixit it is a paid version of Amibroker software. Plus you have to purchase real time data from a data vendor, I us market data provider.
ReplyDeleteTriangle breakout generally gives a price target of its height i.e.140 pts in this case from the breakout point of 4775.
ReplyDelete@manojag there are multiple targets possible here.
ReplyDelete1. In the bigger DZZ we have {y}=={w} at 4856.
2. In wave {y}, (b of {y} is a triangle), we
get target for c of {y} at 4915. (If
triangle is a b wave in a zigzag then the
target for wave c is taken by equality, c==a)
3. If the triangle possibility is ignored then
we get target for c of {y} by c==a around
4880.
4. 61.8% retracement of previous fall from 5400
comes around 4880 levels too.
So 4856 - 4880 possible target zone by cluster method.
That's my view, and this is I compute targets in real time trading, using the cluster approach. :)
Aniruddha,
ReplyDeleteThnks for your views. Looks good.
Excellent, just the levels I have! Yipee.....am happy!
ReplyDelete@manojag @vishal nadar welcome and thanks! :)
ReplyDelete@manojag in point 4 61.8% retracement is of the fall from 5100 levels not 5400 levels. :p
ReplyDelete