mr5476

mr5476

-Nifty today gave strong bounce from 78% levels Expecting wave 2 bottom here & wave 3 first target is around 17600 zone Also as wave 2 was retraced more than 38% we can expect wave 3 to be extended i am expecting around 127% but that's our 2nd target This analysis get invalidated if nifty breaks 16750.

mr5476

-As discussed in last Idea 17161 was our target & now looks like market can fall further, our target was achieved so no clear path right now -as of now cannot tell how much further it can fall according to elliott waves but 16800 is good support, i am expecting market to take support there & start fresh wave cycle from there -we should wait for some days as soon...

mr5476

-Nifty gave further confirmation of wave C after my last post & now heading to cross 17255 zone which is also 100% level -As discussed in last post wave C generally retraces to 100% - 130% in most of the cases -markets can fall further too after crossing 100% - 130% zone but 17161 is strong support from where wave 4 was started -safe players can exit theirs...

mr5476

Looking at the current market condition it is very clear that the top of wave B is completed here & also today big red candle gave us the indication that it is going for the wave C -in the downside wave C projects minimum around 61% so first target would be 17511 which is minimum projection & after that it can retrace till 100% (17257) - 127%...

mr5476

-As discussed yesterday Nifty confirmed wave 3 & today itself it gave retracement of wave 4 -From now on nifty at the time of closing Nifty gave very small bounce from 17779 which is where 38% level is -We can assume that wave 4 is completed here & from tomorrow we are heading towards wave 5 -Target of wave 5 is 17919 also because our wave 3 was extended & wave 5...

mr5476

-As we can see from recovery from today's low nifty bounced & made high of 17667 & then came profit booking. -from this point market looks bullish & looks like market is most likely going for the 3rd wave -one can buy above 17666 & target should be 17816 around level after that it may get extended or it may not. -If nifty breaks today's low then this whole theory...

mr5476

Looking at the wave analysis & retracement level of 4th wave market took support around 38.20 level(as per Fib retracement) & showing bullish momentum as long as 38.20 (today's low) is defended we can safely assume market to go towards 5th wave First target is top of wave 3 & 2nd target is 38.20 level 13871 level(as per the 5th wave Fib projection) as long as...

mr5476

Today after nifty opened gap down it took support at 17345 & now looks like wave 4 is finished between 23.60 & 38.20 & we are going for the wave 5 About the targets: In current situation wave 3 was extended & wave 5 may or may not be extended so my immediate target will be 18000 which was around top of wave 3 As far as 17345 is not broken we are in 5th wave &...

mr5476

As we can from here 2nd wave retraced till 38.30 level which is normal retracement, & now looking at the 4th wave it today touched 23.60 & i think it will retrace till 38.20 level which is around 17180 ish zone