 |
| Banknifty Hourly |
Banknifty flat correction looks complete, we may start the [3] of III of C from these levels. But a look at the Nifty chart and the picture is not clear yet.
 |
| Nifty Hourly |
The proposed wave [c] of II has not gone below the end of wave [a], so are we going to get a drop below wave [a] end, or are we going to turn up from these levels only, making it a running correction remains to be seen, I personally would prefer it to be a running correction, as it suggests exceptional strength for the next move, and we are expecting a wave III after this correction, so this might just be one of those opportunities where you have a potentially less risk against huge reward.
But how exactly to take benefit of this situation, we I suggest we buy on a break out above 5110 level and put a stop below the latest minor low, which if market does not make a new low should be 5045 levels. But remember never buy too soon and never wait too long. 5097 is the 5 HEMA, a close above this level today or tomorrow will confirm the wave III.
Just a caveat we have not yet broken the 5155 level the low of wave [1] of C of {B}as shown in the chart below, so technically / theoretically it could still be the wave [4] with target for wave (c) of [4] at 5144, so we could even fall from these levels if this alternate scenario plays out.
 |
| Nifty Daily |
So all in all we have a big resistance cluster in the 5100 - 5155 zone above which we have clear skies and flying high would be the order of the day. But getting resisted at these levels, at least we will get heavy rains in the markets (Its hot in Nagpur - Rain Gods "Smile Please").
Hi aniruddha,
ReplyDeleteAlternate IM degree EW lables, pls chk
W : 6339-4729
X : 4729-5400-4531-5379 (expanded FLAT)
Ya: 5379-4804 (truncated 5th , wid 3rd @ 4789)
Yb: 4804-5146** (done 59.3% x Ya)
Fibbo - 61.8 % @ 5159
Going into Yb:
Yb.A 4804 5020 216
Yb.B 5020 4770 -250 -115.7%
Yb.C 4770 5146 363 174.1% (already done min 161.8% for X-panded FLAT)
Goin further into 5fifer Y.b.C :-)
Y.b.C1 4770 4899 129
Y.b.C2 4899 4848 -51 -39.5%
Y.b.C3 4848 5059 211 163.6%
Y.b.C4 5059 4995 -64 -30.3%
Y.b.C5 4995 5146 151 117.1% (playing out as ED ??)
And now going into 3-3-3-3-3 ED Y.b.C5 as:-
a 4995 5124 129
b 5124 5016 -108
c 5016 5144 128 99.2% (of a)
d 5144 5048 -96 88.9% (of b)
e 5048 5146 98 76.6% (of c)
This LAST "e" shud be a 3-wave .. so can do max
e.c=1.618xe.a = 5155 !!
Coming BACK to HIGHER DEGREE
Yb = 61.8%xYa
will give = 4804+ 0.618x(5379-4804) = 5159 !!!
This 5155-5159 may be the HAWALA LEVEL to watch out for MONDAY
rgds
All I could understand was
DeleteHi aniruddha
Ad
Regards
I don't understand figures many a times it is very tedious for me to spot these numbers on a chart. I request you to kindly send a chart marked with ur labels to me so that I can first understand and then possibly add value to this conversation. :-)
hahaha...
Deleteevdhe type kele te kahi faydya che nahi !
jau de , udya chart update karto :-)
cheers
Where can I see the chart, if u also run a blog send me a link.
DeleteSorry for the trouble but we cant communicate unless both the parties speak in a language which both of them understand. :)
Regards