Elliot Wave analysis of the stock shows following important things:
1. We are currently at the end of Wave 4 (Correction Wave)
2. Wave 2 was sideways and not deep. Thus as per the rule of alternation, the wave 4 was going to be sharp (zigzag) and deep. It has turned out to be so. It retraced as much as 78% of the Fibonacci levels.
3. Wave 4 - ABC had following waves -
- A - 3 Waves
- B - 3 Waves
- C - 5 Waves
Thus, the 3-3-5 Waves pattern has been established and verified.
What is current situation?
Currently, if analysis is correct, it is in the beginning of 5th Wave. It is ahead of Nifty 50 which is yet to start the 5th wave.
If it is not in beginning of 5th Wave, it still doesn't have much room anyway left to fall before it begins to reach into 1st Wave territory at 1769 Levels.
That is extremely unlikely event. If it happens so, then the wave count will change and entire 1st and 3rd wave will become 1st Wave.
This is my understanding. Open for the community views.
note: Personal Views only. No buy/sell recommendation.
1. We are currently at the end of Wave 4 (Correction Wave)
2. Wave 2 was sideways and not deep. Thus as per the rule of alternation, the wave 4 was going to be sharp (zigzag) and deep. It has turned out to be so. It retraced as much as 78% of the Fibonacci levels.
3. Wave 4 - ABC had following waves -
- A - 3 Waves
- B - 3 Waves
- C - 5 Waves
Thus, the 3-3-5 Waves pattern has been established and verified.
What is current situation?
Currently, if analysis is correct, it is in the beginning of 5th Wave. It is ahead of Nifty 50 which is yet to start the 5th wave.
If it is not in beginning of 5th Wave, it still doesn't have much room anyway left to fall before it begins to reach into 1st Wave territory at 1769 Levels.
That is extremely unlikely event. If it happens so, then the wave count will change and entire 1st and 3rd wave will become 1st Wave.
This is my understanding. Open for the community views.
note: Personal Views only. No buy/sell recommendation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.