A lot of chaos, so now where, nifty is heading towards. I have created this thread for calculation #nifty short term view with proper SL & targets. Hope you guys do like it!
calculating the move which started from 03-06-2022
On 3 min TF, W-1 got completed at around 16710, W-2 got completed at around 16763, W-3 got completed 16350 (NOTE: wave -3 always have gaps which some time can't get filled), W-4 got completed at16515 & W-5 at 16250. SUB cycle wave-1 got completed here.
For sub cycle wave 2, which got completed at 16500 level. (Wave can go upto 99% of wave -1, actually everything depends on supply, here we are getting at mentioned level)
sub-cycle 1 & 2 got completed, check out here.
waves personality always remains same in each & every conditions, Here I have shared sub-wave cycle for wave 3 & wave-4) (Do check here also the condition of wave-3/gaps which I've mentioned above.
Here, as per the numbering wave -3 is still in progress and we could supply at 15900 levels, where one could exit if someone stuck at higher levels.
One could go short from here having SL above 15993 for the targets min. 15200, one could trail SL one nifty reaches to this level.
check out here.
For Impulsive wave Elloitt Wave conditions:
1- Wait for the formation of wave -1 2- Wave 2 should not retrace 100% of wave -1 3- Wave 3 sometime have gaps which sometimes can't get filled & wave 3 should go minimum 161 % of wave 1 & 2. 4- wave 4 can't end in the price territory of wave 2 5- wave 5 should go min 38% of wave 1,3 & 4
Thank you for your valuable contribution to the Tradingview community and keep up the good work!