Nifty it Elliot waves theoryNifty IT is Elliot 8th waves and also flag pattern mostly it will break on down side and the target is 4th wave
Trade ideas
NIFTY IT CNXITNIFTY IT CNXIT is making Higher Swing lows since start of this year in a range bound activity . Currently middle of range , more sideways action till a resolution is in place
Long for ATH above 13000Nifty IT is following the textbook EW pattern. We are at the beginning of a fresh impulse of the last cycle wave 5. This wave should take us to all time highs.
On smaller time frame we have already finished wave 1 of 5; obviously the next impulse (w3) would be much sharper.
Index is susceptible to political news from US, so adhere to proper RM.
Cnx it has shown breakout in trendline...result session will start with some infosys after the new guide lines in oct'16 and trump win in usa ...
let's see what will happens in IT in india
Nifty IT underperformer till now..Nifty IT is the only index that has not started any strong up move till now. A move above the 0-B trendline could kick off it's uptrend following which some IT stocks (like HCL) can be bought too.
A strong up move should start soon as we're already near 76% retracement. Otherwise it could make a new low negating this setup.
Bullish on CNX ITCNX IT possible count. If this count is correct, an impulsive move to the upside should start.
CNX IT DAILY CHART , BULLISH BAT PATTERNWEEKLY CHART :- TAKING SUPPORT OF 50 DAYS M/A. AS PER DAILY CHART CNX IT IS TAKING SUPPORT OF 300 DAYS MOVING AVERAGE. ALSO AT THIS POINT SOME CONSOLIDATION IS TAKING PLACE AS PER DAILY CHART. PRZ - 10943 - 11051. U CAN SEE THAT BULL ARE LIKELY TO TAKE PRICES HIGH AT THE CLOSING OF THE DAY. WHICH MAKE THE FORMATION OF HAMMER TYPE. U CAN ALSO SEE LAST 4 CANDLE , 3 ARE HAMMER TYPE FORMATION. WHICH MEANS THIS ZONE IS VERY CRUCIAL. PLEASE WAIT FOR THE BULLISH PATTERN FORMATION TO GO LONG. EX:- BULLISH ENGULFING. WHICH INDICATE, THAT DECISION AS BEEN MADE IN MARKET. GREEN LRC.OR HAMMER.
