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मj

Sep 27 • 5 tweets • 6 min read

I dare to say that #Nifty50 and #BankNifty have seeen their temporary bottoms (end of Wave 4) and will kick off Wave 5 from tomorrow (28.09.22).

Trade set-up:
Initiate long

Current/Targets (minimum)/SL/RRR:
Nifty: 17007/18035/16710/1:3
BankNifty: 38359/41436/37250/1:3

#Nifty50

This is what we are looking at:
Wave 4 -> Subwave C -> Subwave 5 -> Subwave 5

End of corrective 4th wave (bearish) is very very near. Anything near and below 16825 is strong buy, with a SL of 16700.

So #Nifty50 did touch 16820 just before close. Most probably we will not see this level again for a very long time from now.

Don't worry in case you have missed to initiate the long position today. You can initiate the same around 17000 tomorrow for a target of 18000.

Possible #Nifty50 price and time targets:

18096 by 20th Oct (+/- 2 days)
18200 by 24th Oct (+/- 2 days)
19000 by 16th Nov (+/- 2 days)

#Nifty
#BankNifty
#ElliottWave
#StockMarketIndia
#StockMarket
#Trading

Details of how the 4 waves of #Nifty50 have panned out from the lows of 17th June '22.

#Nifty
#BankNifty
#NiftyFuture
#BankNiftyFuture
#StockMarkets
#StockMarketIndia
#Trading

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More from @Tradengineer_MJ

मj

@Tradengineer_MJ

Sep 27

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

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.

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.

Read 4 tweets

मj

@Tradengineer_MJ

Sep 25

Thread (Long ⚠️):

Simple explanation about #ElliottWave principles and targets for each wave.

Also, analysis of major indices #SPX, #DowJones, #Nasdaq, #SGXNifty, #Nifty50 and #BankNifty.

[1/n]

#ElliottWave

The prices move in impulse phase followed by corrective phase.

Impulse phase has total 5 waves - 1,2,3,4,5 - out of which 1,3,5 move in the direction of trend and 2,4 move in counter direction of trend.

Wave 2 corrects Wave 1.
Wave 4 corrects Wave 3.

[2/n]

#ElliottWave

Cardinal rules 1:
Wave 2 cannot go below start of Wave 1

[3/n]

Read 32 tweets

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