Elliott Wave Theory

[timepass]

What are your conclusions about Banknifty ?

Welcome friend, I am posting Banknifty monthly chart and the elliott wave count on it to understand it's structure.

On daily chart it seems that the price has completed the five wave count and now it is correcting. Five wave completion is indicated by the formation of double top and fifth (5) is almost equal to wave (1).

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[1sandeepgupta]

What are your conclusions about Banknifty ?

According to the charts, it should correct but to be certain one should wait for two or three trading sessions.

 

[1sandeepgupta]

I am posting daily chart of PFC. It seems that it has completed five wave impulsive and three wave corrective pattern. Or alternative we can say that it is in intermediate wave (3). One can buy at 316 and the target for this wave is 448.

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[1sandeepgupta]

I am posting daily chart of Canara Bank to understand it's structure. It has completed it's intermediate wave (1) and wave (2) and now moving in wave 3 of intermediate wave (3). The length of wave 3 can terminate at 462.37 or at 512.75.

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[gopicbin1]

sandeep ji, can you pl post adanient wave counts ?

 

[1sandeepgupta]

sandeep ji, can you pl post adanient wave counts ?

I am posting daily chart of ADANIENT. It has completed the five wave structure and now correcting. It has corrected to 38.2% of main five wave. The correction is not over yet it will move side ways to complete wave B and C.

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[1sandeepgupta]

I am posting 4 hour chart of USDINR, it seems that five waves has completed and double top is forming(we should wait it to form complete). If double top is completed then there will be correction in USDINR.

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[1sandeepgupta]

I am posting daily chart of Union Bank of India. It seems that it has completed correction and started in wave (3). The one to two year target of this can be rs. 340.

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[1sandeepgupta]

I am posting monthly chart of TATASPONGE to understand it's structure.

On daily chart, it has completed the prime wave [3] and is correcting. The correction seems to be completed. If so one can buy the stock around 680 and suppose the stock goes further below one can average it around 438 for a target of 1200.

Disclaimer: This and all the ideas I present are for educational purpose only.

 

[1sandeepgupta]

I am posting monthly chart of crude oil(wti). In the structure of crude oil, the oil has completed it's wave correction which was comprises of a zigzag [W] is [X] wave connected to a leading diagonal [y]. When a wave ends with a diagonal then there comes a fast correction as we see in this case. There are two fibonacci supports one at 39.52 and another at 25.91. Let us see where it takes support?

Disclaimer: This and all the ideas I present are for educational purpose only.