This is in continuation from my weekend update on NASDAQ:NDX where I mentioned that we should likely be headed down from the upper channel line of rising wedge. Yesterday we got a negative daily close and in hourly timeframe, we can see clean 5 waves down. More in the video.
NASDAQ:NDX seem to be in last stages of wave X of WXY correction post which we should see wave Y down. At the minimum, I am expecting 15% correction in wave Y. More details in the video.
Both OANDA:SPX500USD and TVC:DJI have formed rising wedge pattern which is bearish in nature. If they breakdown from this structure then we should see around 10% fall from current levels. More details in the video.
BITSTAMP:BTCUSD seem to be testing minor support around 61700 and if it breaks then likely we'll see 58300 very soon. More details in the video update.
NSE:RELIANCE seem to have formed H&S formation. Structure is tilted on the left and has formed over a long period (~10 months). Finally the structure seem to have completed though the price is still trying to bounce from the neckline. Today we have an evening star kind of formation which might push the price towards neckline in a breakdown attempt this week. I...
NASDAQ:MSFT has fallen in 5 waved from the top made in July and in process of retracing that down-move in ABC. The fall from top could be either a larger degree wave 1 or wave A. In both cases, soon wave 3 or C down should start since the wave 2/B has completed 61.8% retracement which is at 436.73. Stock closed below that level yesterday which makes me wonder if...
Bitcoin has hit a short term resistance and has multiple support level as well. This is wait and watch situation to see which way #BTC moves from here and then we can look for a trading opportunity.
This is a short term analysis of #BTCUSD based on hourly H&S formation and trendline S/R.
NSE:NIITLTD caught my attention last week due to multiple bulk deals and then today the stock skyrocketed to UC with 20% move. We seem to be in last wave (5th) of current major cycle that started in 2013. Right now, we seem to be in minor wave 3rd of larger 5th. Ideal entry point would be >=155 though the stock may not give that opportunity if it's gaps up...
NSE:LOVABLE has broken out from a multi-year downward sloping trendline. Structure looks like inverted H&S though I would avoid calling it as I prefer to go by strict technical definition of H&S which says inverted (or bullish) H&S should form after a decline since it's a trend reversal pattern. Decline is there but the whole decline is in form on H&S instead...
NSE:BBOX seem to have started minor wave 3 of larger 3. Volumes are looking good and as per equality, larger wave 3 should go above 3000. Nearly half of wave 3 is done so the remaining move should occur relatively quickly, within next 1.5-2 years. Having said that, estimating time is always tricky so take it with a pinch of salt. CMP is 517 which gives a...
NSE:GOKULAGRO seem to have started long term wave 3 as per this monthly chart after a textbook clean wave 1 from Elliott Wave perspective. Currently trading at 235 and wave 3 conservative target (as per equality principle) is around 2000. Wave 1 took nearly 2.5 years so we can expect similar time as wave 3 are usually the fastest. Even if we keep some margin, 3...
This is monthly chart of Bhansali Engineering. NSE:BEPL has given a monthly breakout with decent volumes. Looking at the Elliott Wave counts, we seem to be in wave 3 of larger 3 (in green) with a target of around 550. Current price is 157. For details on wave counts, refer to this post .
Here is the monthly chart of MBL Infrastructure ( NSE:MBLINFRA ). It caught my eye due to a large move this month with great volumes. What's more interesting is that the structure of the stock looks "textbook" example of Elliott Waves. Long term counts are marked in green with a circle around counts. Intermediate counts are in blue digits with a bracket around...
KUCOIN:BTCUSDT has been hovering around and below 70k+ levels for few months now and looks prime to make an upmove after breaking this zone. If we draw a trendline using the highest close values then we have got a marginal close above the trendline this week and today, #BTC is again trying to push past it. If it manages to convincingly breakout above this...
TVC:DJI has formed 5 waves down in daily timeframe. Unless this 5 wave structure turn into a 7 or 11 wave (counter-trend) formation, this is likely a beginning of short term down-trend. Now, this down trend could play out in different ways, 2 of the most likely options are highlighted in the chart. This 5 wave decline could be a larger ABC (or WXY/WXYXZ) which...
I was reviewing long term EW counts of NSE:NIFTY and here is what I think. Overall, I can see potential 2 alternatives and have highlighted them in blue and red respectively. This is a monthly chart. Blue Alternative Let's start with blue counts first. Larger degree wave 1 (marked by square blue box) which started from Covid lows of March 2020, ended in...
Rising wedge during tops is a bearish pattern and NSE:NIFTY seem to be breaking down from the pattern as seen in the chart. Still there are a few hours to go for close but it closes below the wedge lower line then it would confirm breakdown. At the same time, NIFTY also might close below 20 DMA today which is a good confluence. As per technicals, potential...