Correction in market ended?? or to be continue more??

Nifty corrected from 11797 to 10791 nearly 1000 points, in a-b-c pattern as shown in the chart below.

In Elliott Wave principle, after an A-B-C pattern, impulsive wave begins. In this case, wave 4 ended as a-b-c form and Wave 5 larger degree about to commence which can take nifty to new highs.

Investors no need to worry about this correction as next coming direction is upward and takes nifty to new highs. Hence, investors and traders can initiate fresh long position for 11400-11800 in coming days.

nifty corrected more and out of channel line, today we get confirmation of upmove once nifty again bounce back to channel line move above 10950- would be first confirmation of upmove.

Keep an eye on 10950 level.

short sellers cover shorts and go long.

regards,

Suryadev Bandari

Research Analyst

www.earningwave.com

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

Earning Wave

Search This Blog