Below 16977, Wave 5 can be considered as completed as it can be subjected to failure.
Ideally it should reach 16713 but it may or may not.
#Nifty50 touched 16942 and is currently at 17014. Expect reversal at point of time now.
#Nifty
#StockMarketIndia
#StockMarket
#Trading
Ideally it should reach 16713 but it may or may not.
#Nifty50 touched 16942 and is currently at 17014. Expect reversal at point of time now.
#Nifty
#StockMarketIndia
#StockMarket
#Trading
As long as #Nifty50 fails to close above 17180 on hourly candle, we are still into subwave (c) of wave 4 and we stand a chance of seeing 16711.
On the other hand, close above 17180 on hourly basis will take it to 17383-17655 as a part of subwave (1) of next impulse wave 5.
On the other hand, close above 17180 on hourly basis will take it to 17383-17655 as a part of subwave (1) of next impulse wave 5.
Expanding the wave 4 in above tweet gives a clear indication about it being an expanded flat wave, where mostly wave E does not touch the trendline and the original trend (downwards in case of #Nifty50) continues.
16711 (or atleast below 16942) is probably on the cards.
16711 (or atleast below 16942) is probably on the cards.
This is the exact reason why Wave 4 is called 'Profit Booking' wave. Wave 4 can have so many formations and it is so difficult to predict the exact formation, most of the traders get frustrated and exit their positions during this wave and book profits.
#ElliottWave
#Nifty50
#ElliottWave
#Nifty50
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