Incisive Nifty Trend Analysis

toocool

Well-Known Member
I think when 4 th wave is going inside 1st and 2nd wave area, why would 5th wave be so big and down so much to 6500?

5th will also be very small leg down may be 20 - 30 points more or it may have been done with at today low itself
 

prada

Well-Known Member
Although this trade has been stopped out, I still believe a sharp reversal is on the cards. I don't see Nifty falling too much from current levels. Its been a painful consolidation after a good run up. I still believe the ongoing pattern formation is that of a 4th wave correction and the 5th wave(up on whichever degree) will be on its way soon( coupled with the oversold conditions). 23.6% retracement from 5933 was at 6649 (achieved). Having seen wave 2 correction which was deep, wave 4 is not expected to fall much further than 23.6 % ( exceptions are always there). If the cut gets a little deeper from here( fall below 6600), then 4th wave of the current degree gets ruled out and the possibility of a 4th wave of higher degree( move from 5700) needs to be explored. In any case this boring movement of the market will be put to rest sooner than later. All the best to your trading.

PraDa

@ Bobomonkey, with the daily chart reaching oversold levels, I would buy Nifty with the stoploss at 6650 spot. Looking at the chart and levels, Nifty recently took support at the 4th wave of lower degree. IMO, Nifty formed the 4th wave low at 6656 (Rally from 5933-6869). With the binary event yet to play out, I still feel Nifty has some steam left in it to test 7020 ( 5th wave ) before petering out once the event is out of the way.
 
Last edited:

toughard

Well-Known Member

toocool

Well-Known Member
I think when 4 th wave is going inside 1st and 2nd wave area, why would 5th wave be so big and down so much to 6500?

5th will also be very small leg down may be 20 - 30 points more or it may have been done with at today low itself
@bobomonkey

this is what i meant when i said once that how can you guys do EW on 10 minute chart , there will be many errors , sort of in analysis , lots of ifs and buts ............markets do change their course many times on small time frame

200 point rally in nifty is proof of that conviction of mine
 
Last edited:

prada

Well-Known Member
Not a surprise at all to see this powerful rally. However , One must now start exercising some caution. This rally can fizzle out in the range 6990-7020 or abruptly marking an end to the minute-3 wave which has been extending ( refer my long term chart ). Once this rally fizzles out , I expect a swift correction to test 6700 to end minute-4 wave. All the best to your trading.

PraDa


Although this trade has been stopped out, I still believe a sharp reversal is on the cards. I don't see Nifty falling too much from current levels. Its been a painful consolidation after a good run up. I still believe the ongoing pattern formation is that of a 4th wave correction and the 5th wave(up on whichever degree) will be on its way soon( coupled with the oversold conditions). 23.6% retracement from 5933 was at 6649 (achieved). Having seen wave 2 correction which was deep, wave 4 is not expected to fall much further than 23.6 % ( exceptions are always there). If the cut gets a little deeper from here( fall below 6600), then 4th wave of the current degree gets ruled out and the possibility of a 4th wave of higher degree( move from 5700) needs to be explored. In any case this boring movement of the market will be put to rest sooner than later. All the best to your trading.

PraDa
 

prada

Well-Known Member
Having scaled past 7100 with ease, the medium term count has been modified slightly and the ongoing rally has been labelled Minute-5. In any case , I will be extremely cautious in participating in this rally. I expect this rally to snap abruptly. I urge traders to start booking part profits and start trailing their stoplosses. The ensuing correction will be swift and meaningful. Will post an update once the correction sets in.

PraDa

 

josh1

Well-Known Member
Prada,

Your analysis is indicating that BJP will not get absolute majority in the elections. This rally will snap and reverse in that case.
 

Similar threads

Zerodha – Open Paperless Account

Open online account with Zerodha. Free delivery trading and Max Rs 20 for Intraday, F&O, Currency and Commodity Trading. Intraday High leverage with MIS, CO and BO.

Name:Phone:
Email:City:
State:
Are you a day trader?