NIFTY UPDATE with Elliot marking

22 feb 2022

🤔 Three parameter need to track when you take entry
1. Stop loss
2. Target
3. Trailing stop
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NIFTY SPOT - Close - 17 point (22/02/2022) , , , , ,
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> View for 23 Feb ,
> After gap down opening bounce back from bottom ,
> Still on close above 17469 bottom out confirmation will come on daily trend,
> 60 min trend Up - daily down - weekly UP
> Intra day levels upside 17186-17258-17302-17374 and dn side 16998-16926-16881-16809
> Alternate two to be consider . . . . If close above daily resistance 17469 then again original set up Alternate one to be consider . . .
> Hence down side Wave C to follow with immediate Target 16282 ( w1 = w3)( marked red color ) and down 15350 ( 1.618 of w1)
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> As per reversal trading system ,
> 7 th trading day of Daily trend DOWN and tomorrow will turn UP if closing ABOVE trailing daily reversal 17092,
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> Daily trend DOWN - Trailing resistance 17469 ( valid for 23 FEB )
> Weekly trend UP - Trailing Support 16939 , ( valid till 25 FEB )
> Monthly trend UP - Trailing support - 15740 , ( valid till 28 FEB )
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>> Now Swing TURNED DOWN with level 18350 -
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For Elliot wave Alternate one and two - refer to marking on chart
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Sector and specific script may move as per their trend , not necessary that all script will come down or go up with NIFTY.
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Disclaimer : Details given are as per my knowledge / experience and education purpose only , please take decision after contacting your registered financial advise