Nifty having completed the C.4 wave at 3147, has resumed its last leg of the downtrend. If C.5 is 0.6182 times C.1, then the target is 2241. If C.5 equals C.1, then the target down is 1682.
Possibility-2:-
Nifty on its Major "B" wave (Correcting the "A" wave - 6357 to 2253)has completed the internal "a" up from 2503/2570 to 3147 and has commenced the "b" of the "B" which can retrace 61.82% or 100%(as in flat) or more(as in irregular) and then commence the "c" up of the "B".
In Conclusion:-
Both are possibilities and there may be others too. That is the nature of unpredictable correctives. But the most important fact is that "It is down" in both accounts. One of the most effective way to trade the correctives is to trade by the channels coupled with some TA indicators such as stochastics and macd.
4 comments:
Hellor Sir,
Ur charts are very easy and efective to understand and to act as well, thanx for that all your efforts to update these charts everyday. What I would like to request is is ther any site where I can have a more look on these wave counts. Thanx in advance
Thanks Ilango...
Hi..Niketan,
Click on "the Elliott wave lives on" in my blog list and in everyday's update, he has a link - Public Charts.Page .5 in that will have our sensex daily and weekly charts with wave counts. I think that should help you.
You can also compare various world markets EW counts.
And Senty..You are welcome.
Best regards.
Dear Ilango
Nice analysis and charts. Good for traders and investors. Do you expect one more heavy selling from FII side and make bottom over there.
Thanks
Giribabu.K
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