# Nifty 50 is ready to fly from here. Max. it can go 16500 at downside .Correction is near to an end. Bulls are ready. Are you ready to long CE?

#### timepass

##### Moderator
what are those three lines ?? Some kind of moving averages ??

Anyway, that 16600 looks threateningly closer than the other two lines.

what are those three lines ?? Some kind of moving averages ??

Anyway, that 16600 looks threateningly closer than the other two lines.
.
These are lines of an indicator called Anchored VWAP. I applied this just for understanding. But we do analysis by using Elliott wave theory.
As per Elliott wave theory, the correction is about to an end. Then the impulsive wave will start soon with a bull run.

#### moneyoperator

##### New Member
17400 will be a strong resistance .. nifty could fall from 17300-17400 range

#### timepass

##### Moderator
.
These are lines of an indicator called Anchored VWAP. I applied this just for understanding. But we do analysis by using Elliott wave theory.
As per Elliott wave theory, the correction is about to an end. Then the impulsive wave will start soon with a bull run.
Request you for 2 more charts

1) Elliott wave chart for your prediction
2) More chart about Anchored VWAP

Preferably both for a longer duration.

#### mohan.sic

##### Well-Known Member
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These are lines of an indicator called Anchored VWAP. I applied this just for understanding. But we do analysis by using Elliott wave theory.
As per Elliott wave theory, the correction is about to an end. Then the impulsive wave will start soon with a bull run.
vwap is volume weighted price.
volume that should be used is the actual traded qty on the counter.
So vwap is calculated from instruments - price and volume.

Nifty spot does not have volume.
The volume what you see there is not the actual volume traded on the counter.
The volume what you see there should be sum total volume of underlying stocks.
Thus, Vwap is illogical on Nifty spot.

vwap is volume weighted price.
volume that should be used is the actual traded qty on the counter.
So vwap is calculated from instruments - price and volume.

Nifty spot does not have volume.
The volume what you see there is not the actual volume traded on the counter.
The volume what you see there should be sum total volume of underlying stocks.
Thus, Vwap is illogical on Nifty spot.
Sir that's why I mentioned , It's just for understanding. The analysis is purely based on Elliott wave theory. You will get agree with us very soon.

#### timepass

##### Moderator
Sir that's why I mentioned , It's just for understanding. The analysis is purely based on Elliott wave theory. You will get agree with us very soon.
Elliott wave is a complicated theory for most of us. Please post EW chart with explanation.

#### mohan.sic

##### Well-Known Member
Sir that's why I mentioned , It's just for understanding. The analysis is purely based on Elliott wave theory. You will get agree with us very soon.
Ok just saying it does not make sense on nifty spot which is not tradable. You may do it on nifty future for understanding.

I did not understand what you are saying on that I will agree with you soon.