Nifty turned down today, and as mentioned earlier we are forming wave [4] of this impulse move, in wave I. So I am looking for support around 5040 - 5000 levels. The corrective pattern at this stage looks like a zigzag, but this being a wave [4] we cannot be too sure, first three wave move may give rise to a flat or a triangle. The upside target for this wave I is around 5400 levels, so there is some more upside left still. Look for reversal signals in 5040 - 5000 band.Kindly refer my daily and weekly count to get my count on the bigger picture.
http://tradeelliottwave.blogspot.com/p/nifty-weekly-count.html
http://tradeelliottwave.blogspot.com/p/nifty-daily-count.html
http://tradeelliottwave.blogspot.com/p/nifty-weekly-count.html
http://tradeelliottwave.blogspot.com/p/nifty-daily-count.html
To me it looks like a irregular correction in wave 'b' of 4th wave especially if you go by the future levels. Considering spot values 'a' of this was from 5217 to 5163 i.e. 54 pts.'b' was irregular and went upto 5212 and taking 261.8& of 'a' works out to 141 pts and 5069 for 'c' to end. Today's low was 5076.
ReplyDeleteThat's a keen observation, but if we look at the Banknifty chart, we don't get that view. Also Banknifty levels for wave (4) is much lower from current levels. All this does not suggest that what you are saying is impossible, I am expecting a new high too, so if we get from here only or may be 60 - 70 points lower from here remains to be seen. And such long wave c is possible but I would like more time being spent in waves a and b of this irregular correction.
DeleteNew high you are expecting....... is it above 6338??
ReplyDeleteYes sir in medium to long term!
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