NIFTY - Elliot Analysis // Short Term Buy & Sell Setup
Hi,
Nifty had a sharp impulse to downside in five waves from the top as Wave A. Now we can anticipate a corrective rally to 11,100 ( sub wave 4 region) as a zig zag correction since we had upward push in 5 waves on lower time frame.
So, Once the B wave correction is complete at 11,100 region, there can be next series of push down to 9500 level ( levels to be identified later on as the upward correction finishes)
Note :61.8% retracement of last fall from the high align in the same zone-- The zone had nice fib confluence.
Trading Plan 1 :
Long entry @ Mkt by keeping stop below previous low and aim towards 11,100 zone.
Trading Plan 2 :
Look for short opportunity once the corrective upward move finishes - will updated later on.
Trade with care
Gulz
Nifty had a sharp impulse to downside in five waves from the top as Wave A. Now we can anticipate a corrective rally to 11,100 ( sub wave 4 region) as a zig zag correction since we had upward push in 5 waves on lower time frame.
So, Once the B wave correction is complete at 11,100 region, there can be next series of push down to 9500 level ( levels to be identified later on as the upward correction finishes)
Note :61.8% retracement of last fall from the high align in the same zone-- The zone had nice fib confluence.
Trading Plan 1 :
Long entry @ Mkt by keeping stop below previous low and aim towards 11,100 zone.
Trading Plan 2 :
Look for short opportunity once the corrective upward move finishes - will updated later on.
Trade with care
Gulz
ملاحظة
Fib Confluenceملاحظة
Monthly chart 
تم فتح الصفقة
A low risk opportunity arrived -- close to stop level join if u see any impulse to upside and keep stop as suggested earlier.
if price pushes higher, we could see a C leg of correction which wl be impulsive ( 5 waves)
تم حذف الأمر
Current Setup invalidated -- downward move extended from the previous low.wave counts on short time frame to be re-checked ( current move looks like part of 5th wave) -- will update later when i see low risk opportunity.
Thank you
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.