Nifty Chart
Today nifty got support at 50dema and 38% retrace from 5566-6093. Since price breached 5900(wave 1) and 5905 (wave (a)), rise from 5566 to 6093 is corrective in nature. Any close below 5880 will push nifty towards
- If Wave A/1=C/3 i.e 100 % retracement target 5430
If this new wave is impulsive Wave 3 then as per Elliot wave guideline wave 3 is generally equal to 161.8 % of wave 1 which gives target of 5000 :) ...
Kindly note 5430 is positional target with time frame of 4-5 weeks. Any up move till 6054 should be used to sell nifty , above which i need to reconsider the count. On the upside 5970 is huge resistance now , above which nifty can target 5995 and 6015.
Stay on right side of market and plan your trade accordingly as this is going to be good opportunity to mint money.
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Hi
ReplyDeleteHow we will come to know that if the new wave form generating in A,B C and the target will be 540. Or will it be 12345 up to 5000 well before the wave completes.
My point is that if we can by nature of waveform judge that unfolding wave form in abC OR 12345 Then we can be well prepared for the most profit giving waves like wave 3 in 12345.
After the wave is completed its easy to give it numbers but I am finding it difficult to identify the unfolding waveform.
DEAR SIR
ReplyDeleteTHANKS FOR YOUR KIND GUIDELINES.
Sam,
ReplyDeleteNot sure if this is the right thread.
Wanted to know your views on Sun Pharma as a contra trade. For me, it looks like a screaming sell in the price range of 580 - 600.
Reasons : Huge RSI - 9, 14 negative divergence on Week and Day TF.
5 Waves done - text book form with Triangle in 4th wave position.
Triangle formation breakout level = 580 - 600.
Raghavendra
Parabolic rise.
Let me know your views.
Raghavendra
Sunpharma count : https://www.facebook.com/photo.php?fbid=186554268187374&set=a.141409179368550.1073741828.141017202741081&type=1&theater
DeleteYou are correct .. near and 590-600 it will finish upwave and i think multi year top will be in place.. given that waves are not subdividing :)
DeleteThanks a lot Sam for a prompt response.
ReplyDeleteRaghavendra