Nifty view post 26/2
Hey Everyone,
Fantastic February month, Market moved 1K points up and 1K points down post our last analysis in unfolding wave 4 and Wave 5 of the final corrective Wave C in ABC pattern started last October. ( waves are labelled on the chart)
New interesting things.
Last post we saw how market fooled 'some' analysts while performing " contracting leading diagonal" in Wave A.
This time, Market is unfolding as an "expanding ending diagonal".
You might remember that i mentioned i will save this for later day and today is the day.
Will keep it simple.....
1) ******* Leading diagonal ***** - Always appears as subdivision of wave 1 in an impulse or subdivision of wave A in a zigzag. ( we saw this in the wave A in a zigzag).
Simply means, either during starting of a rally ( wave 1) or start of a corrective wave (wave A in zigzag)
This we already saw and it was a "contracting leading diagonal".
Wave 1 > Wave 3 > Wave 5
Internal structure - 5-3-5-3-5
2) ***** Ending diagonal****** - Always appears as subdivision of wave 5 in an impulse or subdivision of wave C in a zigzag. ( we are seeing this in wave C now).
Simply means, either during end of a rally ( wave 5) or end of a corrective wave (wave C in zigzag)
....................................................................
Ok, but how did we identify it? Remember , we told Wave 5 target can only be identified once wave 4 is unfolded.
Even though wave 3 is longer than wave 1,
wave 4 had entered into the wave 1 territory which is against Elliot wave principles ( this is because of the budget day relief to Indian markets or whatever the reason). This itself has changed the target of wave 5 .
Internal structure - 3-3-3-3-3
Wave 1 (1321) < Wave 3 (1438) < Wave 5 ( ?????)
with small calculation , based on % increase btw wave 1 and wave 3 , its coming close to 1567 points which gives a target of around ~22246. ( approximate) . [ 22280 - 22240]
That should complete the final 5th and end of Wave ABC.
Its not happening tomorrow or in next 3 or 4 days, as per Fib time extension may take till March 19th ( this works or not, hence just sharing as side note) But level is important. so some up moves, down moves, sideways are still in cards.
This is just an idea as per market price action, I may be totally wrong, but hey having a view is better than having nothing. :D . Few points here and there is all fine with margin or error.
------Always look any analysis as an area of interest and confirm only based on price action------
Also, I share only few important rules, for others do check online.
Happy Trading
Cheers!!!!!!!!!!!!
Ohh...btw how it will be fooling 'Some' analysts ??
As per Elliot waves
There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3.
Since this is a diagonal wave , market will never respect these above levels and leave folks frustrated either by breaking them or never reaching them. In mean time, market will wind up things and start next rally.
Don't miss this bus as this bus not ending till 2027 somewhere ( month will we see later) .
I don't reply often and exact levels are a myth. I use only fib levels to estimate an area of potential reversal.
"Finding levels in market is like finding underwear in the ocean, you always come out naked" ( heard recently somewhere, thought to share).
Happy Shivaratri , Maha kal Blessings to all.
Fantastic February month, Market moved 1K points up and 1K points down post our last analysis in unfolding wave 4 and Wave 5 of the final corrective Wave C in ABC pattern started last October. ( waves are labelled on the chart)
New interesting things.
Last post we saw how market fooled 'some' analysts while performing " contracting leading diagonal" in Wave A.
This time, Market is unfolding as an "expanding ending diagonal".
You might remember that i mentioned i will save this for later day and today is the day.
Will keep it simple.....
1) ******* Leading diagonal ***** - Always appears as subdivision of wave 1 in an impulse or subdivision of wave A in a zigzag. ( we saw this in the wave A in a zigzag).
Simply means, either during starting of a rally ( wave 1) or start of a corrective wave (wave A in zigzag)
This we already saw and it was a "contracting leading diagonal".
Wave 1 > Wave 3 > Wave 5
Internal structure - 5-3-5-3-5
2) ***** Ending diagonal****** - Always appears as subdivision of wave 5 in an impulse or subdivision of wave C in a zigzag. ( we are seeing this in wave C now).
Simply means, either during end of a rally ( wave 5) or end of a corrective wave (wave C in zigzag)
....................................................................
Ok, but how did we identify it? Remember , we told Wave 5 target can only be identified once wave 4 is unfolded.
Even though wave 3 is longer than wave 1,
wave 4 had entered into the wave 1 territory which is against Elliot wave principles ( this is because of the budget day relief to Indian markets or whatever the reason). This itself has changed the target of wave 5 .
Internal structure - 3-3-3-3-3
Wave 1 (1321) < Wave 3 (1438) < Wave 5 ( ?????)
with small calculation , based on % increase btw wave 1 and wave 3 , its coming close to 1567 points which gives a target of around ~22246. ( approximate) . [ 22280 - 22240]
That should complete the final 5th and end of Wave ABC.
Its not happening tomorrow or in next 3 or 4 days, as per Fib time extension may take till March 19th ( this works or not, hence just sharing as side note) But level is important. so some up moves, down moves, sideways are still in cards.
This is just an idea as per market price action, I may be totally wrong, but hey having a view is better than having nothing. :D . Few points here and there is all fine with margin or error.
------Always look any analysis as an area of interest and confirm only based on price action------
Also, I share only few important rules, for others do check online.
Happy Trading
Cheers!!!!!!!!!!!!
Ohh...btw how it will be fooling 'Some' analysts ??
As per Elliot waves
There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3.
Since this is a diagonal wave , market will never respect these above levels and leave folks frustrated either by breaking them or never reaching them. In mean time, market will wind up things and start next rally.
Don't miss this bus as this bus not ending till 2027 somewhere ( month will we see later) .
I don't reply often and exact levels are a myth. I use only fib levels to estimate an area of potential reversal.
"Finding levels in market is like finding underwear in the ocean, you always come out naked" ( heard recently somewhere, thought to share).
Happy Shivaratri , Maha kal Blessings to all.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.